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Technical Outlook Of GBPUSD, GBPAUD And GBPCAD: 17.02.2017


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.


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 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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