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GBP/USD Forecast: Bearish bias intact

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Sterling’s rebound in Asia from 1.4888 (76.4% of Apr-Jun rally) on Friday, followed by a failure to sustain above the falling channel resistance and a fall back to 1.4886 levels could have reinforced the bears. However, an erratic move amid thin volumes has pushed the spot higher to 1.4925 levels. Still, the bearish action on Friday is likely to ensure the pair is met with fresh offers anywhere in the range of 1.4930 (Channel resistance)-1.4950 (Friday’s high). Thus, a move back to 1.4888

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