08/05/15 GBPUSD rose after U.K Parliamentary Elections pushing prices above 1.54


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GBPUSD rose after U.K Parliamentary Elections pushing prices above 1.54 yesterday. With the pair refusing to hold below 1.5000, we can expect prices to continue rising in the long run should prices hold above 1.5550. With the trading week coming near to an end, candles are expected to test 200 EMA on the daily chart and a retracement is expected to happen after the surge in prices yesterday. However, should market forces remain bullish, it is also possible for prices to continue soaring should candles hold above 1.5500 today. In addition, should the release of U.S Non-Farm Employment Change data perform worse-than-expected, prices most probably break above 1.5500 and continue on the bullish run in the long term.

 

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Observing the H4 chart, candles remain highly bullish and now draws near the previous resistance at 1.5497. A slowdown in candle movements is expected due to the upcoming release of U.S Non-Farm Employment Change data later in the day due to uncertainty. However, should candles still remain highly bullish before the release of news, the first exhaustion level to consider would lie at Fibonacci Expansion 127.2% at 1.5751.

 

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Focusing on the hourly chart, candles have broken above Fibonacci Expansion 161.8% at 1.5471 and continues extending its gain. The next exhaustion level lies at 200.0% at 1.5495 which coincides with the previous resistance. Traders with longing positions should take partial, if not, full profits when prices hit 1.5495.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
Bullish towards 1.5495 1.5290 1.5346 1.5375 1.5495 1.5550 1.5622

 

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