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GBP/USD At 1.5691 In Strong Downtrend

Published 05/24/2012, 04:46 AM
Updated 05/14/2017, 06:45 AM
GBP/USD
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GBP/USD:

1.5691    

Very Short-Term Trend: Downtrend    

Outlook: The downtrend remains strong, but there is a small dirvergence between the hourly oscillators and the price and that can bring some small recovery today. Ideally the prices will rally toward the 100-hour moving average (currently at 1.5775) and will then resume their decline. The next downside target is seen at 1.5600, then I see no support until the 1.5400 level. On the upside, yesterday's top at 1.5845 is expected to remain intact today.

Strategy: Shorts favored at 1.5775/1.5800 area against 1.5850. Target=1.5400.    

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