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Technical Analysis Report - GBP/USD

29/09/2016 // 07:44:21 am

General outline

Pound was weighed by Shafik’s dovish comments (the BOE deputy) as the deputy  believed more stimulus may be required in the nearest time.  

Present Scenario

There is continuous effort to grow  the currency but was stopped by the bearish 50-EMA. The price is struggling with the 50-EMA to grow further. The 50, 100 and 200 EMAs maintained their decline. The current resistance is seen at 1.3000, the support exists at 1.2900. 

MACD continues to remain in a negative territory. MACD grew which indicates the sellers’ positions weakening. RSI is moving towards the overbought area.

Trading commendations

Our analysts  believe the pair remains bearish, for a decline towards 1.2950 support zone. 

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