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Thread: GBP USD

  1. #321
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    GBPUSD Technical Levels - 09.01.2017
    GBP/USD declined sharply on Monday as sterling was weighted down after talk of Britain drastically reworking trade ties with the European Union after Brexit sent the pound tumbling to two-month lows.
    Technicaly, upside immediate resistance at 1.2229, break above this level would expose the cable to next resistance level at 1.2334 levels.
    Downside, immediate support at .2114, a break below at this level will open the door towards next level at 1.2076.
    Trend overall looking slightly bearish at the moment.

  2. #322
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    Sterling slide three month low in Asia session on Brexit on Table.

    Sterling slumped to three-month lows in thin Asian trade on Monday with investors again concerned by media reports that the British government is prepared to make a "hard" exit from the European Union.

    The pound sank 1.6 percent to as low as $1.1983, depths not seen since the flash crash of early October, having finished around $1.2175 in New York on Friday.

    The euro was quoted up 1.1 percent at 0.8837 pounds, while sterling fell 1.8 percent on the safe-haven yen to 136.95 yen. The Japanese currency gained broadly, with the U.S. dollar dipping to 114.28 yen.

    Dealers said the market was reacting in part to a report in The Sunday Times newspaper that British Prime Minister Theresa May will this week signal plans for a "hard Brexit" by saying she's willing to quit the European Union's single market to regain control of Britain's borders.

    Markets have been worried such a decisive break from the single market would hurt British exports and drive foreign investment out of the country.

    May intends to launch by the end of March the formal process of negotiating the terms of Britain's exit from the EU, but has so far given very little away about what deal she will be seeking, frustrating some investors, businesses and lawmakers.

    May's speech on Tuesday will stress the need for Britons, who voted for Brexit by 52 to 48 percent in last June's referendum, to unite around common goals such as protecting and enhancing workers' rights.




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  3. #323
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    Pound rallies on May Brexit speech.


    Sterling rallied and was on track for its largest one day gain since 2008 after British Prime Minister Theresa May said the U.K. was looking for a Brexit deal which would benefit both sides.


    GBP/USD jumped 2.33% to 1.2328, rebounding from the low of 1.1985 hit on Monday, which was the weakest level since October’s flash crash.It was the largest one-day gain in the pair since June 20 last year, just ahead of the referendum and the second biggest since December 2008.


    In a speech in London, May confirmed that Britain will be leaving the single market, but said it would seek a bold, ambitious trade agreement with the EU.She said an important part of the new relationship will be “the greatest possible access to the single market on a fully reciprocal basis”.May said she wants to deliver a Brexit that works for the whole U.K., announcing that the final Brexit deal will be put to both houses of parliament for a vote.May said that it is in Britain's national interest for the EU to succeed and that she wants post-Brexit Brexit to be stronger, fairer, more united and more outward-looking than ever before.

  4. #324
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    Pound Sterling touched $1.26 for the first time since December.


    The pound was up 0.54% at $1.2588 at 08:00 ET after a high of $1.2607. It was up 0.44% at €1.1718.The U.K. Supreme Court Tuesday ruled Brexit requires parliamentary approval.


    The government of PM Theresa May must now draft a bill on triggering Brexit to put before Westminster.The Supreme Court also ruled that devolved parliaments should not have a separate vote on Brexit. Scotland, Northern Ireland voted to stay in the EU in the June 23 Brexit referendum.

  5. #325
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    Pound falls after U.K. data.


    Sterling Friday fell below the $1.25 mark as U.K. services sector data disappointed.The pound was off 0.30% at $1.2487 at 05:15 ET. The dollar index firmed to around the 100 mark.U.K. services PMI fell to 54.5 from a 17-month high of 56.2 the previous month.


    Analysts expected the index to fall to 55.8 last month.The BoE Thursday kept monetary policy on hold.It signaled a certain tolerance toward higher inflation in the medium term in support of growth.

  6. #326
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    Quote Originally Posted by ashif View Post
    Pound falls after U.K. data.


    Sterling Friday fell below the $1.25 mark as U.K. services sector data disappointed.The pound was off 0.30% at $1.2487 at 05:15 ET. The dollar index firmed to around the 100 mark.U.K. services PMI fell to 54.5 from a 17-month high of 56.2 the previous month.


    Analysts expected the index to fall to 55.8 last month.The BoE Thursday kept monetary policy on hold.It signaled a certain tolerance toward higher inflation in the medium term in support of growth.
    I really expected sell pressure around 1.2680 because of last rejection level of daily time frame! Still I am bearish and if I get same pressure around 1.2413 and 1.2358 (support levels) then I will sell again! Now we are in a corrective structure according to daily market chart, so I am using half trading lot size because, corrective patterns are very uncertain to use!

  7. #327
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    Sterling is weaker mixed benefits to UK exporters.

    Sterling's sharp fall against the U.S. dollar and euro since June's Brexit vote has so far hurt almost as many exporters as it has aided, the British Chambers of Commerce said on Monday.

    A cheaper currency normally helps exporters in the medium term, but the BCC said that currency weakness was proving a double-edged sword for its members, mostly small and medium-sized businesses.

    Some 25 percent of businesses said sterling's weakness had boosted their export margins, but 22 percent said it had reduced the profitability of their overseas sales.

    Nearly half of the companies surveyed did not manage currency risk, and had no plans to do so.

    Many smaller businesses billed overseas customers in sterling but paid for some of their raw materials in foreign currency.

    Sterling has fallen more than 15 percent against the dollar since June 23, and other business surveys have reported a big increase export orders - but any gains have not yet shown up in Britain's official trade data.

    "For firms that import, it's now more expensive, and companies may find themselves locked into contracts with suppliers and unable to be responsive to currency fluctuations," BCC Director General Adam Marshall said.

    Firms which had managed foreign exchange risk better were now likely to find that currency hedges taken out before the referendum were expiring, said Lee McDarby, an executive at currency brokers Moneycorp, which sponsored the survey.

    The effects for businesses' domestic profit margins was clear, with 44 percent reporting a fall. More than two thirds of firms expect sterling weakness to increase their costs in 2017, and more than half expect to pass at least some of this on to their customers.

    The Bank of England expects consumer price inflation to rise sharply this year due to firms passing on higher import costs, and to reach 2.7 percent by the end of this year, up from 1.6 percent at the end of 2016.


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  8. #328
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    Sterling steadied above the 1.2500 handle after data showed UK industrial output rose more than expected in December and the trade deficit narrowed, easing fears of economic slowdown due to the Brexit process. British manufacturing increased by 2.1 percent in December, while the goods trade deficit contracted to 10.89 billion pounds in December, versus forecasts of 11.5 billion pounds. Sterling trades 0.1 percent higher at 1.2507, after rising to a high of 1.2582 on Thursday, it’s strongest since Feb. 2. The upside remains capped by 100 –day EMA and any break above will take the pair till 1.26750/1.27060. On the lower side, next immediate support is around 1.2450 and any break below will drag it down till 1.2430/1.2350. Against the euro, the pound trades 0.2 percent down at 85.43 pence, having hit a high of 84.93 the day before, it’s strongest since Feb. 1.

  9. #329
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    The selling interest around the sterling has picked up the extra pace in the wake of UK CPI figures, at one point GBPUSD was trading below 1.2500 mark.
    The downside momentum in spot gathered further traction figures tracked by the CPI rose less than expected 1.8% YoY during the month of January, missing initial estimates. On a monthly basis, consumer prices contracted 0.5%.
    In addition, prices stripping Energy costs rose at an annualized 1.6%.
    Ahead in the week, UK’s labor market report is due tomorrow, while retail sales are expected on Friday.

  10. #330
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    GBPUSD Technical Levels - 14.02.2017
    GBPUSD trading at 1.2461 downside capped by 38.2% fibo, good to sell on rallies.
    Technically, GBPUSD next immediate resistance at 1.2585 and 1.26750 levels.
    Downside support below at 1.2430, 1.2345 levels.
    Trend overall looking strongly bearish at the moment.

 

 
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