GBP/USD:
Date: 25 November, 2016
H4 Graph: Short Trend
The price is making a new third lower high and this is forming at Fibo level of 50% from the prevouis move short. The price remains below the horizontal resistance of 1,25110 after a retest and now the price is testing the diagonal resistance. We expect the price to remain witin the bearish price channel and continue short.
Price Action: Doji bar at horizontal and diagonal resistance - Possible signal for short.
Alternative scenario: if the price continue to go higher and passes over the high of the doji bar and horizontal resistance of 1,25100, this will cancel the bearish view.
Technical Indicator:
DEM (14) - In the middle of the range
Price for Entry short around: 1,24550
SL: 1.25200
Jr. Trader - S. Fuchedzhiev
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