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GBPUSD Weekly Technical Outlook | December 20, 2014

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GBPUSD is following a downward channel. After rejection from 30 EMA, this pair fall again and faced support at 1.5530 area. Overall trend is down. So our recommendation for this pair is stay on selling side. Near term sell zone lies on 1.5750-1.5800 area. From that sell area, we can see and target will be 1.5550 area.

In daily chart, we can see that this pair loss its bearish rally. It is now on ranging zone. On MACD, it is moving up. So this is bullish divergence for this pair. So if we can see bullish candle confirmation, then we can take buy entry and target will be 1.5700 and then 1.5810.

Weekly Pivot, Support and Resistance

Resistance Two (R2): 1.5891

Resistance One (R1): 1.5755

Pivot Point: 1.5648

Support One (S1): 1.5512

Support Two (S2): 1.5405

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