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GBPUSD

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Technical Analysis – GBPUSD consolidating after drop

Posted on October 27, 2016 at 7:55 am GMT

GBPUSD made a fresh 31-year low of 1.2088 on October 11 and on October 25, 1.2081 was hit.  Currently the pair seems to be consolidating in the 1.2080-1.2370 range. The prospects for the pound are still negative as price is below the cloud and the Tenkan-sen and Kijun-sen lines are negatively aligned.  More recently however, there is an attempt to climb above the Tenkan-sen, which is at 1.2205.  The next target of any sustained upside correction for the pair could [..]

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Technical Analysis – GBPUSD in steep drop but oversold near-term

Posted on October 14, 2016 at 8:37 am GMT

Sterling has fallen rapidly since the beginning of October (October 3 was the month’s first trading day), as it broke through its post-Brexit low of 1.2795 on October 4th. Currently the pair is oversold as indicated by the RSI which has been below 30 for almost a week now.  The current low for the pair is 1.2088 and there will probably be some upside correction or consolidation before an attempt to break lower is made again. Price action has been [..]

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Technical Analysis – GBPUSD falls back below 1.3400; 1.3300 eyed

Posted on September 8, 2016 at 7:25 am GMT

GBPUSD maintains a short-term bullish structure after rising from the August 15 low of 1.2864 to the September 6 high of 1.3444. However, upside momentum has faded and there was a rapid drop yesterday to 1.3318. Weaker momentum is highlighted by the drop in the RSI indicator, which has levelled off, suggesting the market could consolidate in the near term. The 1.3300 level is eyed. Unless GBPUSD can move and stay above 1.3400 in the near term, there is a [..]

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Technical Analysis – GBPUSD short term rally stalls

Posted on August 25, 2016 at 8:37 am GMT

The short term bias in GBPUSD remains on the upside for the moment but has stalled at 1.3272. The pair rose from 1.2864 to a high of 1.3272 yesterday. Upside momentum can be sustained if RSI continues to rise within bullish territory above 50. Looking at the medium term picture GBPUSD has been mostly trading sideways within a range with resistance at 1.3372 and 1.3500. Major support lies at 1.3000. Breaking below this level would likely increase downside pressure and [..]

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Technical Analysis – GBPUSD strengthens bearish outlook after break below 1.29

Posted on August 16, 2016 at 5:12 am GMT

GBPUSD broke below a major support level of 1.2900 on Monday and had a daily close below it for the first time since July 7. This level will now act as immediate resistance. A move back above 1.2900 would extend the short term consolidation pattern (since early July). Downside pressure still remains as the RSI is trending down and is in bearish territory below 50.  There is scope to retest the 31-year low of 1.2794 that was hit on July [..]

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Technical Analysis – GBPUSD maintains neutral bias around key 1.33 level

Posted on August 3, 2016 at 7:29 am GMT

GBPUSD staged a strong rally on Tuesday to rise above the key 1.3300 level. After peaking at 1.3364, the market lost steam and upside momentum petered out. Consequently prices began falling towards 1.3300, falling through it in early European session trading today. In the medium term, the market maintains a neutral bias after stabilizing from the post-Brexit drop. The range is between 1.3050 and 1.3500. A break out of the lower range below support at 1.3050 would open the way [..]

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Technical Analysis – GBPUSD neutral in short term, downside bias remains

Posted on July 11, 2016 at 4:49 am GMT

GBPUSD remains under pressure since its big drop from 1.50 over two weeks ago. While the bigger picture is bearish, the pair is looking more neutral in the short term and is consolidating around 1.2950 after touching its lowest level in over 30 years at 1.2794 last Thursday. RSI is in oversold territory just under 30, which suggests that the market will likely consolidate at current levels or even see a correction to the upside before resuming its downtrend. Downside [..]

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