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[QUOTE="AlexanderLiteForex, post: 47773, member: 22090"] [b]GBPUSD: Reversal of the trend[/b] [b]1. Current trend[/b] This Thursday British currency was strengthening. Startled by the Bernanke’s speech investors were buying pound. Demand of dollar has decreased. Negative statistics on labor market has affected American currency. Unemployment claims haven’t confirmed the forecast and had risen up to 360 000. Under the pressure of these facts the pair GBPUSD hit 1.5200. Today we anticipate European news — an industrial production index. Among the macroeconomic statistics from US we highlight Producer Price Index, Consumer Sentiment Index and we’re waiting for the speech of FOMC member Bullard. [b]2. Important levels: support and resistance [/b] The pair has consolidated around resistance level at 1.5200; we expect further descending correction towards support levels 1.5100-1.5050. A strong rise is highly unlikely. Despite the prolongation of QE program dollar is supported by positive economic statistics and won’t probably fall. The reversal of the trend seems to be the most obvious scenario. After slight decline the pair will go all the way up to 1.5310. [b]3. Best exit/entry points[/b] We suggest to open long trades with Take Profits at 1.5310. Pending orders can be placed at 1.5100-1.5050 with Take Profits at 1.5300. [b]4. Supporting facts[/b] MACD histogram on the four-hour chart has moved to positive zone, it is above signal line and is directed upwards. This is a sign of trend reversal. [img]http://www.liteforex.com/uploads/other/d0507ec20bec38023119c829c70ef90f.png[/img] [i]Dmitry Likhachev Analyst of LiteForex Group of Companies[/i] [/QUOTE]
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