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GBPUSD is still 'sell the rallies' mode

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBPUSD rejected heavily from 1.4990-1.5000 zone which was a both psychological and historical support, closing above 1.5110 on intraday time frames. However, lower than expected manufacturing UK data tank the pair immediately towards daily PP zone (1.5067) and we see that the pair is still dropping. Technically we have a very strong POC in the 1.5150-70 zone ( E89, X-cross, 50.0, historical sellers/bearish order block). There is also a bullish divergence which helped the pair to rally up.

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