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Technical Analysis Report - GBP/USD

05/08/2016 // 05:03:43 am

General outline:

For the first time since Brexit referendum, the sterling displayed a sharp fall following the BoE’s decision to cut the basis rate by 0.25% and to start the bond buying program.

Present scenario:

The Sterling lost about 1.60% during the course of the day. The current resistance is observed at 1.3300, the support lies at 1.3100.

MACD displays a divergence suggesting a change in the trend in near future. RSI moved close to the oversold zone.

The instrument bounced from the 200-EMA and fell in the 4-hours chart. The pair breached the 100 and 50 Day EMAs on its way.  
 

Trading commendations:

The pair is expected to touch the 1.3100 support break and then will fall to the next level of 1.2900.

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