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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 91565, member: 33464"] [B]Key Highlights[/B] · British Pound yesterday moved lower before finding support near 1.5360 against the US Dollar. · There is a major support built around the mentioned area as there is a bullish trend line and 100 hourly MA positioned around it. · The UK British Retail Consortium (BRC) Shop Price Index was published during the Asian session, which posted a decline of 1.8% in October 2015. [B]GBPUSD Technical Analysis[/B] The GBPUSD pair recently declined and lost the plot to trade near 1.5350-60 area. There was a major trend line support formed around the mentioned area, as the 100 and 200 hourly simple moving averages were also positioned around it. Overall, the support held and prevented any further downsides. [IMG]http://s16.postimg.org/z6c8e14k5/GBPUSD_04_11_2015.png[/IMG] Currently, the pair is trading/correcting higher and struggling to clear the 61.8% Fib retracement level of the last drop from the 1.5496 high to 1.5358 low. Let us see whether the pair starts to move lower one more time or it breaks higher and trades towards the last high. There is a chance of a new high if the pair gains traction. On the downside, the trend line and support area holds the key. A break and close below the same and 100 MA may ignite more loses in the near term. [B]British Retail Consortium (BRC) Shop Price Index [/B] Today during the Asian session, the UK British Retail Consortium (BRC) Shop Price Index, which measures price changes in the popular retail outlets in the UK was reported. The outcome was not encouraging, as the price registered a decline of 1.8% in October 2015, compared with the preceding month. The British Pound failed to gain traction after the release and it looks like the GBPUSD might struggle moving ahead and could move lower one more time. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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