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GBPUSD

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Technical Analysis – GBPUSD shifts from neutral to bullish; rises above 200-day MA

Posted on April 19, 2017 at 8:33 am GMT

GBPUSD has shifted its short-term bias from neutral to bullish, moving out of a six-month range of 1.2100 and 1.2700. The pair is now above the 200-day moving average for the first time since June 2017 and made a fresh 2017 high, as well as reaching its strongest level since October 3 at 1.2904 on Tuesday. From here, prices pulled back as the market reached overbought levels as shown by the RSI which rose to 70. There is scope for [..]

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Forex Market Review (Asian Session) – Sterling holds gains at six-month highs; aussie underperforms

Posted on April 19, 2017 at 7:39 am GMT

Sterling held on to gains made after surging to its highest level in more than six months on Tuesday in reaction to an announcement by UK Prime Minister Theresa May who surprised markets by calling a snap general election in June. Markets see a sure win for Theresa May and the Conservative party and expect that this would strengthen her position during the Brexit negotiations as well as stabilize domestic politics. The pound rallied to a high of $1.2904 by [..]

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Forex Market Review (European Session) – Pound surges on early election call by PM May; Dollar index below 100

Posted on April 18, 2017 at 2:53 pm GMT

In the absence of major data releases, the main movements today pertained to political developments including the UK Prime Minister Theresa May’s decision to call early elections in order to, among others, establish a stronger mandate in negotiating the nation’s exit from the EU. Looking at the dollar index, a broader measure of dollar strength, it touched a near three-week low as it fell below the 100 mark to reach 99.82. The index was marginally below 100 in late European [..]

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Forex News – Pound wobbles before surging to 4-month high after UK PM calls snap election

Posted on April 18, 2017 at 12:44 pm GMT

The pound swung wildly on Tuesday as news emerged that the British Prime Minister, Theresa May, will call an early general election on June 8. The announcement took markets by surprise as May had previously ruled out an election before 2020, and most analysts had expected that any decision for a snap election would have come before the triggering of Article 50 and not after it. The UK government formally notified its intention of withdrawing from the European Union on [..]

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Forex Market Review (Asian Session) – Dollar extends losses on Trump comments; aussie jumps after solid Australian jobs report

Posted on April 13, 2017 at 7:30 am GMT

The dollar weakened further today after US President Donald Trump said in an interview with the Wall Street Journal that the greenback is “getting too strong”. The Australian dollar was a strong performer on the back of a solid jobs report. Trump expressed his concern that US businesses, especially manufacturers, won’t be able to compete with other countries since American goods would be more expensive when the dollar’s value is too high. Meanwhile, the US President also remarked that he [..]

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Forex Market Review (European Session) – Loonie jumps after Bank of Canada raises growth forecast; sterling up after UK jobs report

Posted on April 12, 2017 at 2:41 pm GMT

Geopolitical concerns continued to dominate the markets but demand for safe haven assets somewhat eased slightly during the European session, with the yen and gold trimming some gains. Risk aversion helped support the yen, gold and US Treasuries, as investors demanded safety due to uncertainty over possible US military action against Syria and North Korea. Market participants await more details about the meeting between US Secretary of State Rex Tillerson and Russian Foreign Minister Sergei Lavrov. Gold prices were flat but [..]

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Forex News – Sterling extends gains after UK jobless data

Posted on April 12, 2017 at 2:17 pm GMT

The pound extended its gains for a third day on Wednesday after UK data showed the number of unemployed Britons continue to fall in the three months to February. Today’s jobs report from the Office for National Statistics (ONS) gave little cause for concern about the health of the UK labour market amid worries that Britain’s economy may be losing steam in the run up to the Brexit negotiations. The number of people out of work fell by 45,000 to [..]

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