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Forex Analysis

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Forex Analysis

The daily candlestick closure above 1.4300 hinders further bullish trend and enhances the bearish side of the market toward 1.4300. According to the daily time frame, GBP/USD pair is enhancing the bullish side of the market. 

 

Moving Average and Bollinger Bands are also representing a strong bearish trend of the market. Parabolic SAR is also showing a bearish trend of the market.   

 

According to my prediction some corrections are expected here and market will move into downward direction. In H1, H4 and D1 graph SMA 30, SMA 50 and SMA100 is also representing strong bearish trend of the market.

 

The RSI of last 7 days was shuffling but the RSI now is diverting into selling area. We can observe bearish trend of the market today because buying looks risky.

 

Trading Recommendations:

 

Sell: 1.4335, Take Profit 1.4300, Stop Loss 1.4365, Break out buy 1.4375

 

Support Levels:

 

S1 1.4326

S2 1.4320

S3 1.4314

 

Pivot Point       (1.4332)

 

Resistance Level:

 

R1 1.4338

R2 1.4344

R3 1.4350

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