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Technical Analysis
Daily Technical Analysis by FxGrow
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[QUOTE="FxGrow Support, post: 113658, member: 34135"] [B][SIZE=4]FxGrow Daily Technical Analysis – 04th Nov, 2016[/SIZE][/B] [I]By FxGrow Research & Analysis Team[/I] [B][SIZE=5]BRITISH POUND HIKES ON BOE OPTIMISTIC DATA[/SIZE][/B] [Image deleted] Eurozone clutches with Sterling and refuse to set Britan free one and for all before triggering article 50. BOE tone was stronger than expected as they shifted from easing to neutral bias claiming that a respond in either direction is optional as they see fit since economic data has been significant to the Brexit uncertainties while the steep GBP depreciation means that CPI inflation will increase sharply next year. Although the sterling surged higher yesterday rallying from 1.2296 low and clocked high 1.2494, currently swinging between 1.2449 low and 1.2481 high. GBP/USD trend remains bearish, and seems to be in desperate push today as US Payroll and unemployment rate data are scheduled to be released at 12:30 PM GMT. GBP/USD SMA 100 (1.2326 H4), SMA 100 (1.2671) at H4 Trend: Bearish sideways First resistance R1 1.2503. R2 1.2561, R31.2616 First support: S1 1.2415, S2 1.2358, S3 1.2287 Remark: Even though GBP/USD took a bullish trend it's still considered Bearish between S1 and R1 in absence of news but high volatility is expected to kick shortly before US elections. [B][I][SIZE=3][URL='http://fxgrow.com/analysis-education/fxgrow-academia/fxgrow-blog']For more in depth Research & Analysis please visit FxGrow.[/URL][/SIZE][/I][/B] [I][SIZE=1][B]Note:[/B] This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.[/SIZE][/I] [/QUOTE]
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