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Technical Outlook Of GBPUSD, GBPAUD And GBPCAD: 17.02.2017

GBPUSD

Following consecutive second contraction in UK Retail Sales, the GBP plunged across the board and forced GBPUSD to confront a month-old ascending trend-line support of 1.2395, breaking which 50% Fibonacci Retracement level of 1.2345 becomes imminent to appear on the chart. Given the pair extend its south-run and drops further below 1.2345, it becomes wise to expect 1.2250 and 1.2200 as a quote. Meanwhile, if the pair bounces-off from the TL support, the 1.2440 and 1.2475 might entertain short-term buyers before another trend-line, at 1.2510, limit its further advances. In case if the pair surpasses 1.2510, the 1.2550, 1.2580 and 1.2610 are likely consecutive resistances that could please Bulls.

GBPAUD

Unlike GBPUSD, the GBPAUD is still a bit far from 1.6105 TL support, which if broken opens the door for the pair's south-run to January-low of 1.6020 before challenging 1.6000 psychological magnet. Should Bears dominate pair prices and drag them below 1.6000 mark, the 1.5870-65 multiple support-zone, followed by 2016 lows around 1.5785, grab traders' attention. Alternatively, a break of 1.6255 descending trend-line can trigger the pair's rise to 1.6330 and then to 1.6385-90 resistances. However, quote's additional advances beyond 1.6390 might only have 1.6425 before the 1.6470-75 resistance-confluence, comprising a broader TL & 38.2% Fibonacci Retracement, could limit the pair's up-move. If at all prices rally beyond 1.6475, it becomes wise to expect 1.6570 to appear on the chart.

GBPCAD

GBPCAD presently struggles with 1.6215-20 horizontal-line, which might give a pullback to the pair if CAD weakens during later-day's US Rig Count release, if the same pleases energy traders and provide additional strength to the Canadian Dollar, the pair can drop to 1.6150 and then to channel support-line of 1.6120. Given the Bears fail to respect 1.6120, prices can quickly fall towards 1.6070 and then to 1.6000 round figure. On the contrary, 1.6265, 1.6310 and 1.6345-50 are likely nearby resistances that pair traders should observe. Additionally, pair's successful trading above 1.6350 may have 1.6400 are an intermediate halt ahead of challenging the channel-resistance of 1.6455, which if broken could propel the quote's north-run towards 1.6515, 1.6550 and then to January high of 1.6622.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Friday, 17 Feb, 2017 / 11:15

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Source : https://mtrading.com/analytics/technical-analysis/technical-outlook-of-gbpusd-gbpaud-and-gbpcad-17-02-2017

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