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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 93853, member: 33464"] [SIZE=6][B]GBPUSD – Important Break ahead of Fed?[/B] [/SIZE] [B]Key Highlights [/B] · British Pound traded lower against the US Dollar and broke a major support trend line on the hourly chart. · Can this be considered as an important break just ahead of the [URL deleted]fed interest rate decision? · The GBPUSD pair traded as low as 1.5030, and currently struggling to hold the ground. · US Total Net TIC Flows released by the US Department of Treasury posted a reading of $68.9B for October 2015, compared with the last reading of $-172.7B (revised). [B]GBPUSD Technical Analysis[/B] The GBPUSD pair after climbing towards the 1.5240 resistance area found sellers for a downside move. There was a sharp downside reaction, taking the GBPUSD pair below an important support trend line on the hourly chart. [IMG]http://s27.postimg.org/ywyhupcnn/GBPUSD_12_16_2015.png[/IMG] The pair has settled below the 200 and 100 hourly simple moving average, which is a sign that sellers are in control. If the pair attempts to recover from the current levels, then it may find resistance near the 200 MA, coinciding with the 38.2% Fib retracement level of the last drop from the 1.5239 high to 1.5028 low. On the downside, a break below the recent low of 1.5028 could take the pair towards the all-important 1.50 support area. The hourly RSI is below the 50 level, which is a bearish sign. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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