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19.11.2010 10:34 AM
Movement Forecast for the British Pound by the Market Profile for November 19

On Thursday the market profile for the British pound formed a trend day.

A fair price area stood in the range of VAL – 1.5886 and VAH – 1.6001. The point of control POC of yesterday was formed around 1.5908.

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Forecast for today:
The British pound is trying to continue its up-going movement. In case of growth as a first resistance level will come the lower level of a fair price VAL of November 12 – 1.6056, and then the point of control POC of November 15  fixed near 1.6066.

I recommend to open more conservative short positions as soon as the pair touches the lower fair price level VAL of November 11 – 1.6108.

You can try opening aggressive long positions at the price lowering to the Point of Control of today 1.6026. More conservative longs will enter at the level of 1.6001.

Miroslaw Bawulski,
Analytical expert of InstaForex
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