MARKET COMMENTARY GBPUSD DEC 2012

gbpusd

Last week we had a classic pin bar setup for a sell  of a horizontal resistance level on the daily chart. we however saw a 50% retracement on the pin bar before we finally saw a total collapse of price. the pair is currently sitting on a support level of 1.6166 and could see a further in coming days. The market is likely to slow down next week due to the Christmas holidays across the world.

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