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Technical Analysis Report - GBP/USD

06/09/2016 // 06:58:23 am

General outline:

The pound strengthened its position supported by positive Service PMI and on the back of weakness of the dollar.

Present Scenario:

The pound  rose and tested the level 1.3360 on Monday setting a daily high at 1.3372. The GBP/USD moved above the moving averages in the 4 hours chart. The moving averages are turning northwards. The current resistance is observed at 1.3360, the support stands at 1.3200.

MACD shows convergence in the 1-hour chart. RSI exists in the overbought area.

Trading commendations:

our analysts recommend a buy order if the GBP/USD does a breakout at the resistance level of 1.3360. If the pair declines below 1.3270 the price may fall to 1.3200.

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