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10/04/15 GBPUSD plunged towards 1.47

10/04/15 GBPUSD plunged towards 1.47

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

GBPUSD plunged towards 1.47 yesterday with candles now finding support at Fibonacci Retracement -10.0% at 1.4726. A double bottom pattern may be formed should candles show a clear support at 1.4700. However given the bearish momentum of the pair, we may see prices falling even further and below Fibonacci Retracement -10.0% towards 1.4600, where we may see a continuation of the downtrend.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

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Observing the H4 chart, bearish momentum of the pair remains relatively strong as observed by the long bearish candles. Candles found exhaustion at Fibonacci Expansion 161.8% at 1.4691 and a retracement is expected. Given that the trading week comes to an end today, prices are expected to rebound due to profit-taking in the market. However, with U.K Manufacturing Production m/m to be released later in the day, we may see prices falling even further should a weaker-than-expected data be released. If candles break below 1.469, the next possible level of exhaustion is at Fibonacci Expansion 200.0% at 1.4624.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

Focusing on the hourly chart, candles were observed to slowly retrace from the bearish run. Prices are expected to continue on the retracement at least towards 1.4753 which was the a support for the pair. It is possible for the support to turn into a resistance where we may see the pair to continue on its bearish run.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
Bullish towards 1.4753 1.4514 1.4624 1.4691 1.4753 1.4800 1.869

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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