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GBP/USD Forecast December 19, 2014
 
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Fundamental Analysis

The pound rose against the dollar, climbing from the lowest level in more than a year, after a report showed U.K. retail sales increased in November higher than expectations.
Concerning today trading, we expect a range trading of the prices amid the absence of major economic data from the market.

Technical Analysis



The pound dollar rose as a correction step within a pullback of the Descending Wedge, which confirms that the Cable is in process of a general bullish trend toward the expected targets that we have mentioned since the beginning of this month at $1.5950. so any decline of the prices would represent good opportunities to enter buy positions.
The general tend of the pound dollar will be confirmed by the break above the Wedge and if the Pullback make a high volume, and we expect a recover toward $1.5685, then a slight decline in which we recommend you to enter buy positions as then we expect the pair to resume its upward trend toward $1.5715, $1.5768 then $1.58.


Resistance 2 Resistance 1Current PricesSupport 1Support 2
1.57651.57141.56641.56111.5557

   

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