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Technical analysis of GBP/USD for June 05, 2015

The cable managed to hold the 100Dema, closed with marginal gains. The BoE held its key interest rate at 0.5% and the size of the Asset Purchase Programme at 375 billion pounds.

Traders eye US jobs data today. Yesterday's readings for US jobs data surprised the traders. In the week ending on May 30, seasonally adjusted initial jobless claims hit 276,000, printing a decrease of 8,000 against the previous week's revised level. Ahead of US employment data, the USD edged higher against most major pairs.

Technical analysis: The cable has been trading in a falling bearish channel for a while. But in the hourly chart, the cable took out the bearish channel towards higher lows and higher highs. The intraday support is found at 1.5350, 1.5300, and 1.5250. Resistance is seen at 1.5370, 1.5400, and 1.5441. The selling pressure will tighten in case the price falls below 1.5250 with an initial target at 1.5170 and later at1.5100. The cable is not able to breach the previous week's high of 1.5508. To regain the strength, bulls must close above 1.5510. In this case, bulls can aim at 1.5550 and 1.5700, and even 1.5760 as well. Selling opportunity is available below 1.5300 with targets at 1.5250, 1.5200, and 1.5170. The selling will be tighten only below 1.5250. Buying is available above 1.5385 with targets at 1.5400, 1.5440, 1.5470, and 1.5495. Safe buying is expectyed above 1.5400.

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