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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 81406, member: 33464"] [b]GBPUSD and UK CPI Aftermath[/b] [B]Key Highlights[/B] • British pound looks nervous as the UK CPI report released today was below the forecast. • UK Consumer Price Index released by the National Statistics posted a rise of 0.2% in March 2015, compared to Feb 2015. • GBPUSD fell in an initial reaction and then later managed to trade back higher. [B]Technical Analysis[/B] The British pound was seen trading lower against the US dollar earlier during the London session, as the UK CPI missed the forecast. The pair declined to test the 1.4600-1.4590 levels, which was coinciding with the 61.8% fib retracement level of the last leg from the 1.4564 low to 1.4689 high. There was sharp reaction noted around the mentioned fib level, as the pair recovered back sharply. [IMG]http://s1.postimg.org/9k5rqupcv/GBPUSD_04_14_2015.png[/IMG] However, there is a bearish trend line formed on the hourly chart, which is currently acting as a barrier for the GBPUSD pair. The hourly RSI is around the 50 level suggesting that the pair is at a critical juncture. [B]UK CPI[/B] Earlier today in the UK, the Consumer Price Index (CPI), which helps in analyzing the price changes by the comparison between the retail prices of a representative shopping basket of goods and services was released by the National Statistics. The market was not expecting any rise in the UK CPI in March 2015 compared to March 2014, and the outcome was in line with the forecast as the UK CPI came in at 0%. [B]Price Action[/B] The GBPUSD might trade higher moving ahead if buyers manage to clear the highlighted resistance area at 1.4660. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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