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GBP/USD
Review-
The CIPS/Markit manufacturing purchasing managers' survey gave a better-than-expected reading of 57.3, up from 55.8 in March. The pound rallied to a fresh five-year high of 1.6921 against the US dollar. The pound ticked up again to near five-year highs after strong manufacturing figures boosted the UK economic outlook and raised expectations of a rate rise even earlier than anticipated - before May 2015.
Technical view-
The pair has been trading in an uptrend from 1.6465 levels. It almost completed its up move and ready for a correction. In yesterday's trading session, it completed our targets given at 1.6823. From today onwards, the sell on rally strategy will be activated in this pair. As of now, the pair opened today's trading on a bearish note. Positional sellers can wait for the confirmation of an exact point of sell. We expect next Monday or Tuesday the selling program will activate in this pair. Fundamentally the pair is in a very strong mode. Technically it is in selling for a couple of days in the long term, it has to go to new higher levels. On the higher levels it can try to touch 1.70 and 1.7083 levels. On the down side the pair has support at 1.6823, 1.6723 and 1.6692 levels. Positional traders, wait for a healthy correction and enter longs for new highs.
Intraday-
The pair is trading on a weak note, aiming at a downward move to 1.6876, 1.686, 1.6836, 1.6823 and 1.68 levels. The RSI in the H4 chart is indicating limited upside. So sell on rise, or at even the cmp (1.6890), traders can enter shorts. On the upside the pair has resistance at 1.6925. Buyers can buy above the 1.6925 level for 1.70 and 1.7083 levels.
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