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Technical Analysis Report - GBP/USD

16/08/2016 // 07:30:41 am

General outline:

The pound wiped off entire gains as uncertainty is prevailing in the markets because of the delay in leaving the EU.
 
Current situation:

The pound continued to breathe under pressure as it moving towards the 31-year low. During the day, the traders pushed the price below the level of 1.2900. The current resistance is observed at 1.2900, the support stands at 1.2700.

Both RSI and MACD generating a sell signal.

The price is moving away from the moving averages (50, 100 and 200) which are pointing lower in the 4 hours chart. The moving averages generate a sell signal.

Trading commendations:

The currency pair is expected to remain bearish. If it breaches the 1.2900 level, the pair is expected to fall to 1.2700 level will be next.

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