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Technical Analysis Report - GBP/USD

26/07/2016 // 08:16:51 am

General Outline:

The USA dollar remained firm due to the moderate risk appetite. The positive USA statistics combined with the weakness of the pound backed the dollar.

Present Scenario:

The GBP remained almost constant at the start of the new week, although the pound continues to endure pressure. The currency checked the lower bound of its declining channel yesterday. The current resistance is observed at 1.3300 level whereas the support exists at the level of 1.3100.

MACD is in the negative zone, the indicator is very close to the centreline. If the histogram continues to move in the negative area, it will illustrate the growing strength of the sellers. If MACD moves back to the positive area the buyers will uphold the regime of the market. RSI is advancing towards the oversold territory indicating a sell signal.

The instrument continues to trade below the 50-EMA in the 4-hours chart. The 100 and 200 EMAs direction is earthwards, the 50-EMA is horizontal.

Trading Commendations:

The currency pair is expected to trade around 1.2900 level. If the price breaks into the resistance 1.3300 level, it may display a brief uphill movement to 1.3500 level.

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