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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 85315, member: 33464"] [b]GBPUSD – Dollar Gains Post GDP Release[/b] [B]Key Highlights[/B] • US Dollar gaining bids against most of its counterparts, including the British Pound after the US GDP release. • US Gross Domestic Product Annualized rate released by the US Bureau of Economic Analysis registered a decline of 0.2% in the first quarter of 2015, just as the market expected. • US GDP Price Index declined by 0.1%, compared with the forecast of a 0.1% gain. • US Personal Consumption Expenditures, released by US Department of Commerce registered a decline of 2% in the first quarter of 2015, compared with the preceding quarter. [B]US GDP[/B] Earlier today, the US Gross Domestic Product, which represents the monetary value of all the goods, services and structures produced within a country was released by the US Bureau of Economic Analysis. The forecast was lined up for a decrease of 0.2% in the first quarter of 2015 at an annual rate. The outcome matched the forecast, as there was a decline of 0.2%. This was on the lower side, as the real GDP was +2.2% in the fourth quarter 2014. [B]GBPUSD Technical Analysis[/B] The GBPUSD pair after declining towards 1.5700 found buyers and corrected higher. However, the upside was limited as there are a couple of bearish trend lines formed on the hourly chart, which held gains. Moreover, the 50% Fib retracement level of the last drop from the 1.5908 high to 1.5706 low is also around the same area. Overall, there was a major resistance formed around 1.5800 area. [IMG]http://s23.postimg.org/xtf06mk8r/GBPUSD_06_24_2015.png[/IMG] [B][I]------------------------------------------- Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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