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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 127988, member: 33464"] [SIZE=6][B]GBPUSD – Sterling Awaits UK’s Employment Report for Next Move[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The British Pound struggled a lot to break the 1.2980-1.3000 resistance area against the US Dollar. · The GBPUSD pair moved down, and broke a major bullish trend line at 1.2932 on the 4-hours chart. [B][SIZE=5]GBPUSD Technical Analysis[/SIZE][/B] The British Pound traded with a positive bias this past week versus the US Dollar with a close above 1.2750. However, the GBPUSD pair is now struggling to break the 1.2980-1.3000 resistance. [IMG]https://titanfx.com/wp-content/uploads/2017/05/GBPUSD-Chart-05.17.2017-768x401.png[/IMG] The pair attempted a break above 1.2985 on more than two occasions, but failed. It moved down and broke the 38.2% Fib retracement level of the last wave from the 1.2756 low to 1.2987 high. Furthermore, there was a break below a major bullish trend line at 1.2932 on the 4-hours chart. At the moment, the pair is finding support near 1.2880-1.2900, but remains at a risk of more declines in the near term. On the upside, an initial resistance is at 1.2940, followed by the all-important 1.2985. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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