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Technical Analysis Report - GBP/USD

07/09/2016 // 09:17:52 am

General Outline:

The currency pair GBP/USD is displaying a positive sentiment in the market because of a strong Services PMI in the country. Moreover, the sterling rose supported by a weak U.S Non-Manufacturing PMI on Tuesday.

Present Scenario:

The pair remained in positive territory on Tuesday.  The instrument moved northwards and broke the 1.3360 in the North American session.The 50-EMA rebounded from the 100-EMA and crossed upwards the 200-EMA generating a buy signal. The current resistance is observed at 1.3500, the support stands at 1.3360.

MACD displays a convergence in the 1-hour chart. RSI moved to the overbought area.

Trading Commendations:

Our analysts believe that we will take into account a continuation of the downtrend towards 1.3200. To trigger additional upward momentum the GBP/USD needs to consolidate over 1.3360.

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