GBP/USD OUTLOOK : 29.08.2016
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GBP/USD. Pair after opening at 1.3230 made a high of 1.3264 , and saw some profit booking from the higher levels the pair is respecting the levels of 1.3100 as a resistance and 20DMA at 1.3096 and now that has become support and the pair is making inverted head and shoulder pattern on hourly chart so intraday dips shall be utilized to buy the pair
Fundamental Overview
Pound is trading at 1.3120, trading on a weaker note but continued to be resilient against the US dollar as compared to its peers. With limited data to be reported and major monetary policy decisions taken for the short term, we can expect some support for Pound until a strong negative economic event. With the UK markets being closed today, expect range bound trade in pound.
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GBP/USD. Pair after opening at 1.3230 made a high of 1.3264 , and saw some profit booking from the higher levels the pair is respecting the levels of 1.3100 as a resistance and 20DMA at 1.3096 and now that has become support and the pair is making inverted head and shoulder pattern on hourly chart so intraday dips shall be utilized to buy the pair
Fundamental Overview
Pound is trading at 1.3120, trading on a weaker note but continued to be resilient against the US dollar as compared to its peers. With limited data to be reported and major monetary policy decisions taken for the short term, we can expect some support for Pound until a strong negative economic event. With the UK markets being closed today, expect range bound trade in pound.