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Three-week old descending trend-line resistance, at 1.2225, presently restricts the GBPUSD's pullback moves from 1.2080, indicating brighter chances for the pair's continuous downside with 1.2160 and 1.2130 being immediate supports before it could re-test yesterday's low around 1.2080. Given the pair remain tilted to south after breaking 1.2080, the 1.2000 psychological magnet might act as an intermediate halt, which if cleared opens the door for its plunge towards 1.1800. However, pair's capacity to clear 1.2225 TL resistance, can quickly trigger its upside to 1.2250 and then to 1.2325-30 horizontal-region. In case of the pair's additional north-run beyond 1.2330, it becomes capable enough to flash 1.2360 and the 1.2425-30 resistances on the chart.


Even with another bounce from an upward slanting trend-line, stretched since early September, the EURGBP failed to clear an immediate TL. Currently, the pair signals a pullback to 0.8915 nearby support prior to confronting with 0.8900 support-line, clearing which it could drop to 0.8850 and the 0.8780 supports. Should the pair continue on its south-run below 0.8780, the Bears can be pleased to witness 0.8700 round figure mark. Alternatively, 0.8955-60 horizontal resistance-line, quickly followed by adjacent descending-line at 0.8970, might act as short-term upside resistances for the pair before one can expect 0.9000 psychological figure. Moreover, the pair's successful trading above 0.9000 could push the Bulls to expect 0.9070 and the 0.9140 resistances.


Although 127.95 – 128.00 horizontal-line continue restricting the GBPJPY upside, a latest upward slanting trend-line, around 126.60-55, becomes a reason for the pair buyers to avoid disappointment. Looking at the pair's recent upswing from mentioned TL support, it becomes capable to again challenge 127.95 – 128.00 resistance, which if broken has to confront with nearly two-month old descending trend-line resistance of 128.10 in order to aim for 129.60. On the downside, pair's dip below 126.60-55 can fetch the prices to 126.00 and the 125.80 ahead of flashing 124.80 support-mark on the chart. In case of the pair's additional downside below 124.80, it becomes reasonable to look at present-month low of 122.80.


With a short-term ascending trend-channel indicating GBPCAD upside, it becomes logical to expect 1.6420 quote, comprising the channel resistance-line; however, pair's further upsides beyond the same bears doubt. Given the pair manages to surpass 1.6420, it can quickly run to 1.6560 ahead of challenging the broader descending trend-line of 1.6620, which if cleared can call some more buyers targeting 1.6770 and the 1.6815-20 resistances. Meanwhile, channel support-line of 1.6230 is likely nearby downside figure for the pair traders to watch, breaking which it can dip to 1.6140 and then to 1.6060. Moreover, pair's sustained declines below 1.6060 makes less harm to aim for 1.5875 monthly low.

Cheers and Safe Trading,

Anil Panchal

Thursday, 27 Oct, 2016 / 5:12

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