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GBPUSD rise ends at 50dma resistance

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBPUSD rise ends at 50dma resistance GBPUSD found strong resistance at the 50-day moving average and has moved back down after several tests at this level around 1.4365. The pair is now testing support provided by the 50% Fibonacci retracement level of the decline from 1.4667 to 1.3834. A daily close below this 50% Fibonacci level at 1.4248 would strengthen the bearish bias. Momentum has turned negative which is a bearish signal – RSI has fallen and is testing the 50 level. There is now scope

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