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Technical Analysis Report - GBP/USD

05/09/2016 // 05:48:24 am

General Outline:

The pound gained a strong position in the market supported by positive Manufacturing PMI in the UK.

Present Scenario:

The currency pair  GBP/USD rose  on the market based on positive statistics and grew from the session lows at 1.3130 to the daily highs at 1.3270.  The instrument moved closer to the 1.3360 at the start of the North American session.

The price breached the 200-EMA in the  4 hours chart. The current resistance is observed at 1.3360, the support stands at 1.3200.

MACD grew which indicates the weakening positions of the sellers. RSI moved closer to the overbought area.

Trading commendations

if the price remains above 1.3200 the uptrend pressure will continue towards 1.3360. Else, the price decline to1.3200 and further below 1.3100.

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