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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 105157, member: 33464"] [SIZE=6][B]GBPUSD – Post Brexit Impact Continues On British Pound[/B] [B][/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · There was no relief for the British Pound, as it continued to weaken against most major currencies. · The GBPUSD pair created a new low this week, and looks set for a test of the 1.2800 handle. · Earlier, the British Retail Consortium (BRC) Shop Price Index was released, which came in at -2% in June 2016. · In the US today, the Trade Balance figure will be released by the Bureau of Economic Analysis and the U.S. Census Bureau. [SIZE=5][B]GBPUSD Technical Analysis[/B][/SIZE] The British Pound was under a lot of bearish pressure against the US dollar, as it continued to weaken. There is a bearish trend line formed on the 4-hours chart of the GBPUSD, which acted as a resistance and pushed the pair down. [IMG]https://s32.postimg.org/ccqrffn91/GBPUSD_07_06_2016.png[/IMG] Moreover, the pair also broke the last swing low of 1.3120 to trade below 1.3000. The pair is likely heading towards the 1.618 extension of the last wave from the 1.3225 low to 1.3977 high, which is at 1.2760. The H4 RSI is around the oversold levels, but it may hardly matter considering the current market sentiment and situation. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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