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Technical Analysis Report - GBP/USD

03/08/2016 // 04:59:39 am

General Outline:

On the support of positive Construction PMI, the GBP/USD received an upward momentum resulting in the rise. The weak USA statistics combined with the confusion prevailing over rate hike by the Federal Reserve is weighing on the dollar.

 

Present Scenario:

The pound increased its strength as the pressure on the dollar continued to increase on Tuesday. The currency pair reached a new high at 1.3356. The current resistance is observed at 1.3500, the support stands at 1.3300.

MACD is in the positive territory. The rise in the histogram is indicating the strength of the buyer. RSI is moving closer to the oversold territory. The indicators generate a buy signal.

The price is moving closer to the 200-EMA in the 4-hours chart. The 50, 100 and 200 EMAs are neutral. The moving averages are still neutral and do not generate any signal.

 

Trading commendations:

The pair is expected to see a positive response in the market on Wednesday. The instrument appears to be moving towards the resistance level of 1.3500.

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