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Saturday, February 27, 2021

GBP/USD eyeing 1.335/1.344 resistance – Elliott wave analysis

GBP/USD outlook: Cable rose after strong data by was deflated by fresh euro’s weakness

Cable probed again through pivotal Fibo barrier at 1.3243 (61.8% of 1.4376/1.1409) and approached new 2020 high (1.3266), inflated by better than expected UK retail sales data, but failed to break higher. Upbeat UK PMI’s should also contribute, but the action is weighed down Euro’s attempts to correct deeper before resuming uptrend. Fading bullish momentum and south-heading RSI/stochastic add to negative signals, suggesting that sterling may ease further after triple rejection at key Fibo barrier, which could also create a bull-trap on weekly chart. Read More…

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GBP/USD eyeing 1.335/1.344 resistance – Elliott wave analysis

GBPUSD can still be trading within a higher degree impulse, labelled as wave C, up from 1.248 level. We see latest sharp recovery from the 1.306 swing low as sub-wave 5 of C, which can target 1.335/1.344 possible resistance and reversal zone. Read More…

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GBP/USD holds weaker below 1.3200 mark, Barnier’s press conference awaited

A sudden pickup in the USD demand dragged the GBP/USD pair back below the 1.3200 round-figure mark during the early European session.

The pair once again struggled to capitalize on its early uptick to levels beyond mid-1.3200s and witnessed a modest intraday pullback from the vicinity of YTD tops. As investor looked past Friday’s upbeat UK monthly Retail Sales figures, the emergence of some fresh buying around the US dollar was seen as one of the key factors that exerted some pressure on the GBP/USD pair. Read More…

 

 

 

 

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