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Thread: GBP/USD

  1. #91
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    GBP/USD 09.08.2016
    The sterling declined to a 1-month low against the dollar, after Bank of Englands Ian McCafferty stated that more easing would be needed, apart from the measures unveiled last week by the bank, if the economy slowed as much as sentiment surveys have suggested. The major was also weighed down by downbeat manufacturing and industrial production figures. Britain’s manufacturing production for June came in at 0.9 percent y/y against consensus of 1.3 percent, while industrial production stood at -0.3 percent m/m, versus projections of -0.2 percent. Sterling declined as low as 1.2962, its weakest since July 11. It was trading around 1.2981, 0.4 percent down for the day. From the current levels, 1.3040 level will be acting as immediate resistance and any break above will take the pair to next level till 1.3080. On the lower side 1.2960 seems to be major support and any break below targets 1.2900/1.2850. Minor bullishness can be seen only above 1.3200. Against the euro, the pound trades 0.5 percent lower at 85.40 pence.

  2. #92
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    Pound falls on dovish Bank Of England comments.

    The British pound fell for the fifth day in a row on Tuesday and was the largest major currency mover after a Bank of England policymaker said that more quantitative easing was probably necessary if the U.K.'s economic decline worsens.

    "Bank rate can be cut further, closer to zero, and quantitative easing can be stepped up," Ian McCafferty, an external member of the Monetary Policy Committee, wrote in an op-ed piece for the Times.

    “The pound is the big story today,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York. “Everything else is pretty flat within yesterday’s trading ranges.”

    The Bank of England last week cut interest rates to next to nothing and unleashed billions of pounds of stimulus to cushion the economic shock from Britain's vote to leave the European Union.

    The pound fell 0.60 percent on Tuesday to $1.2956, its lowest since July 11.

    Trading volumes this week are expected to be relatively light, with many traders and investors on summer vacations.

    Friday’s retail sales report for July will be the next major U.S. economic focus.

    A speech by U.S. Federal Reserve Chair Janet Yellen at the central bank's symposium in Jackson Hole, Wyoming, on Aug. 26 is also anticipated for any new indications of when an interest rate increase may be likely.

    Stronger-than-expected July jobs data released on Friday has raised expectations that the U.S. central bank will raise rates again this year.

    Most economists and investors see a U.S. rate hike as likely in December and believe the Fed will be hesitant to act before the U.S. presidential election in November.

    The Reserve Bank of New Zealand is expected to be the next central bank to ease conditions, by cutting rates on Thursday by 25 basis points to 2.00 percent.




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    Mirza
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    Executive Coordinator.

  3. #93
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    GBP/USD 10.08.2016
    Sterling rose a day after hitting a 1-month low, however, the recovery mode ran-out of steam as the Bank of England fell short of its first round of new purchases of government debt. The Bank of England fell 52 million pounds ($68 million) short of its target to buy more than a billion pounds of long-dated government bonds on Tuesday, sending 10-year gilt yields to a record low. Sterling trades 0.5 percent higher at 1.3061, having touched an intra-day high of 1.3089. The short term trend is slightly weak as long as resistance 1.3135 (daily Kijun-Sen) holds. From the current levels, 1.3135 level will be acting as immediate resistance and any break above will take the pair to next level till 1.3200. On the lower side 1.2960 seems to be major support and any break below targets 1.2900/1.2850. Minor bullishness can be seen only above 1.3200. Against the euro, the pound trades 0.1 percent lower at 85.56 pence.

  4. #94
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    GBP/USD 11.08.2016
    Sterling declined to a 1-month low below the 1.3000 handle as investors sentiments weakened following soft housing market data. Royal Institute of Chartered Surveyors report suggested that the British economy slowed in the month following the Brexit vote, as the house price growth and transactions gauges dropped to their lowest in years. Sterling trades 0.2 percent lower at 1.2976, having touched a low of 1.2935, its lowest since July 12. The short term trend is slightly weak as long as resistance 1.310 holds. From the current levels, 1.3100 level will be acting as major resistance any break above will take the pair to next level till 1.3170/1.3200. On the lower side 1.2930 seems to be major support and any break below targets 1.2900/1.2850. Minor bullishness can be seen only above 1.3200. Against the euro, the pound trades 0.1 percent lower at 85.96 pence.

  5. #95
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    GBPUSD strongly bearish despite upside attempts


    • The GBP/USD pair traded in tight range today in the US session as the pair hit few pips low around 1.2950 before recovering slightly to trade at 1.2965 levels.

    • The ongoing weakness is set to continue for this pair as the resistance level at 1.3092 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
    • To the upside, the immediate resistance can be seen at 1.2981, a break above will take the pair towards next resistance level at 1.3028.
    • To the downside strong support can be seen at 1.2937 levels, a break below will open the door towards next level at 1.2876.




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    Mirza
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  6. #96
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    GBP/USD 15.08.2016
    Sterling continues to remain under selling pressure as investors remain cautious head of the first round of national data on consumer and corporate reaction to Brexit vote. Markets expect the upcoming economic data to remain weak which will lead the Bank of England to ease monetary policy again in the coming months. Sterling trades 0.2 percent lower at 1.2888, having touched a high of 1.2944 earlier in the session. The short term trend is slightly weak as long as resistance 1.304 holds. From the current levels, 1.304 level will be acting as major resistance any break above will take the pair to next level till 1.3100/1.3170/1.3200. On the lower side, 1.2960 seems to be major support and any break below targets 1.2900/ 1.2850. Minor bullishness can be seen only above 1.3200. Against the euro, the pound trades at 0.3 percent lower at 86.60 pence, it lowest in 3-years.

  7. #97
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    GBP/USD gain some upside momentum but still bearish

    • GBP/USD declined in early US session after U.S. consumer prices were unchanged in July. The core CPI, which strips out food and energy costs, edged up 0.1 percent in July. The year-on-year core CPI increased 2.2 percent after rising 2.3 percent in June.
    • The pair declined to hit low at 1.2938 after the data release but recovered towards 1.2991 after market stabilized.
    • Currently, the pair is trading around 1.2984 levels, it is set to decline further towards 1.2940 and later 1.2870 in the short term.
    • To the upside, strong resistance can be seen at 1.3072, a break above this level would expose the cable to next resistance level at 1.3100 levels.
    • To the downside, strong support can be seen at 1.2966, a break below at this level will open the door towards next level at 1.2900.



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    Mirza
    PCM Brokers DMCC

  8. #98
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    GBP/USD 18.08.2016
    The sterling rose full cent to a 2-week high against the dollar on Thursday after UK retail sales for July beat forecasts, apparently unaffected by Brexit. The retail spending rose 5.9 percent for the year and 1.4 percent for the month, compared with forecasts of 4.2 percent and 0.2 percent. That drove the pound 0.9 percent higher on the day against dollar, trading at $1.3150. It also gained 0.5 percent to 86.1 pence per euro. The cable has broken major resistance 1.3100 (21- day MA) and jumped till 1.31713 at the time of writing. The short term trend is still weak as long as resistance 1.3175 (Kijun-Sen) holds. On the higher side, any break above1.3101 (21-day MA) will take the pair to next level till 1.3175 (daily Tenkan-Sen)/1.3250/1.3300. Technically the immediate support is around 1.3000 and any break below will it to next level till 1.2950/1.2860. Further weakness can be seen below 1.2850.

  9. #99
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    GBP/USD 19.08.2016
    Sterling weakened against a firm dollar on Friday, but was on track for to record its best weekly performance in a month after a set of strong data drove speculators to trim record high bets against the pound. It was down 0.35 percent at $1.3118, having hit a 2-week high of $1.3186 on Thursday. The euro was down 0.1 percent at 86.30 pence, having struck a 3-year high of 87.245 earlier this week. The pair has formed bullish MA crossover in the daily chart 5 –day MA and 10- day MA cross over. It was trading around 1.3275 at the time of writing and should close below 1.3100 (21 –day MA) for intraday weakness. Any break below 1.3100 will drag it till 1.3010 (10-day MA)/1.2960. On the higher side, the pair should break above 1.3185 and any comfortable break above that level will take it to next level till 1.3310 (23.6% retracement of 1.51086 and 1.27893).

  10. #100
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    GBP/USD 23.08.2016
    Sterling hit a 3-week high above the 1.3200 handle as speculators reduced bets against it after data suggested Britains economy was holding up following the Brexit vote. The major trades 0.4 percent higher at 1.3180, after rising as high as 1.3209, it’s highest since Aug. 4. Data released by Confederation of British Industry showed that Industrial Trends came in better-than-expected at -5 in August, against projections of -9, which extended support to the pound. Any break above 1.3185 confirms minor trend reversal, a minor weakness can be seen only below 1.3100, while the minor support is around 1.3120. Overall weakness is only below 1.3000 level. Against the euro, the pound trades 0.2 percent up at 85.99 pence, having hit 85.91 pence, its strongest in 11 days.

  11. ARIONFORXtarder
 

 
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