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GBPUSD: Weekly bias still bearish | January 8, 2017



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Gbpusd has rejected from resistance level as pointed on the chart and formed evening star on that resistance level. After forming this reversal pattern, we saw rapid falling on this pair. It also touched 200 ema and respected that moving average as resistance. So we can expect bearish rally continuation on this pair.

Below this resistance level, we can look for sell entry with candle confirmation. We can wait for candle on H1 time frame. Then place sell entry after confirmation and target will be 100 pips.


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