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Buyers held 1.26 and pushing GBPUSD to 1.278

Friday, June 23, 2017 5:18 AM GMT

So finally, Cable held 1.26 and buyers are pushing prices towards 1.278, which acts as a major resistance now. Close to this, there is 21 EMA (white) offering an extra layer of resistance. The long-term trend remains bullish as price is above 200 SMA (yellow) but mid-term is bearish as the pair is still moving below 21 EMA. Heading lower on 240m timeframe, cable has formed a kind of wedge and it is trying to break it out. If this is valid then it will give a potential target around 1.293. On the other hand, below 1.26, this will accelerate the downwave to 1.237.   

Regarding today’s agenda, the menu includes US Markit Manufacturing PMI (Previous: 52.7, Forecast: 53.0), US Markit Services PMI (Previous: 53.6, Forecast: 53.7) and later in evening, UK MPC Member Forbes and FOMC Member Powell Speeches.




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