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DAY 11 - GBPUSD ANALYSIS

GBPUSD continues to make higher highs and higher lows on Daily time frame, since start of this year. The current impulsive up move is testing supply zone around 1.3200 to 1.3250 zone and we may see some down retracement. However this could provide good opportunity to buy at lower price with target around 1.3485 level.
The bearish scenario would only be considered once price break out of channel and close below Daily support level at 1.2770.
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DAY 6 - GBPUSD ANALYSIS

In last 4 days GBPUSD fell about 300 pips, as recent economic numbers indicate slowdown and consumer spending declined for three consecutive months.
Moreover, BoE remain dovish about raising interest rates in near future and impact of Brexit remain uncertain. All these factors could add up and I am expecting major decline on this pair.
From technical perspective, price hit Weekly Supply Zone and decline rapidly from that zone. Next Demand Zone is around 1.2810 where we could see some buying inte…
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DAY 2 - GBPUSD ANALYSIS

Some important news event lined up for tomorrow from U.K. and as such plenty of volatility is expected in GBPUSD. The current trend on GBPUSD remain bullish, however heavy news event like these could turn the table around and may trigger change in sentiment.
First we have Services PMI report, we have seen stable numbers in March & April 2017, however May & June we have seen slowdown in business activity growth. In July analysts expected another subdued numbers as such some bearish price action i…
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DAY 13 - GBPUSD ANALYSIS

GBP remain one of the most riskiest currency to trade in recent time and unless the Brexit path is fully finalized we could expect volatile moves in GBP in near future. Today another news hit wires that the Scottish First Minister demanded a new referendum to be held in late 2018 or early 2019, so as a trader we have to be cautious while trading this currency.
From technical perspective, GBPUSD current sentiment remain bearish and since start of February 2017 this pair is slowly drifting down wi…
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DAY 4 - GBPUSD TRADE UPDATE

First trade of the month, entered long trade on GBPUSD on retest of support level. Although this pair was drifting lower, but there was lack of bearish momentum and price action hinted some buying interest around that support level.
Entered with a 100 pips take profit and stop loss, but was willing to cut trade if there was clean breakout of support level. Actual drawdown on this trade was around 14 pips, so price did exactly as anticipated. With FOMC Minutes scheduled for tonight, some whipsaw …
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DAY 1 - GBPUSD ANALYSIS

Finally some good fundamental news from UK today, as Manufacturing PMI climb to ten months high. The PMI climbed as there were large increase in domestic and international orders. It would be interesting to see whether other economic data, such as Services PMI also show improvement in coming weeks.
From technical perspective GBPUSD is testing an important supply zone at 1.3318 and if this zone doesn't hold then price is likely to test resistance at 1.3482 level. So the best option would be to lo…
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DAY 3 - GBPUSD ANALYSIS

US Dollar is expected to decline against other majors after FOMC statement and weak US GDP numbers. Yesterday we have seen big bullish bar on GBPUSD and current price action suggest some buying interest developing on this pair.
From technical perspective 1.3290 level is an important support level and if buyers are interested to take price higher than this support level should hold. On the upside first line of resistance is around 1.3485 and if price breaks this resistance then there is plenty of…
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DAY 21 - GBPUSD ANALYSIS

Two important news event scheduled for tomorrow, Services PMI and Manufacturing PMI. In last few months both these survey reports have shown stable growth. However, after the Brexit Vote the sentiment turned bearish and as a result both reports are expected to decline and go in contraction mode.
From technical perspective GBPUSD remain range bound in last few days with 1.3480 to 1.3500 being supply zone and 1.2900 to 1.3015 remain valid demand zone. Price is currently in middle of range and as s…
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DAY 10 - GBPUSD ANALYSIS

Brexit vote is now about 2 weeks away and we are witnessing volatile moves on GBPUSD as news of poll results by different news agencies are disclosed. GBPUSD have now retraced around 50% of up move and this is the second retest of an important SR level at 1.4330 level. If this level breaks we could see impulsive down move towards 1.4060 level. Whereas on the upside 1.4725 to 1.4770 are valid resistance for now.
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DAY 11 - GBPUSD ANALYSIS

Some important news lined up for tomorrow, BoE Inflation Report and interest rate decision followed by press conference by BoE Governor Mark Carney, so plenty of volatility is expected in GBP related pairs.
From technical perspective GBPUSD is below an important SR level 1.4515 and as such I would be looking for sell opportunities unless price is back above this SR level. On the downside take profit target would be around 1.4330 to 1.4300 zone.
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