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    Technical analysis of GBP/USD for August 03, 2015

    The weak US data report opened a new window for pound bulls. The triple top is formed between 1.5675 and 1.5700 zone.


    Compensation costs for civilian workers was little changed at 0.2 percent, seasonally adjusted, for the 3-month period ending June 2015, as the US Bureau of Labor Statistics reported Friday.

    Traders eye PMI data today, besides US ISM manufacturing data is due.

    Technical overview:

    Earlier the cable made a strong ceiling at 1.5700. The cable broke the 3-month ascending trendline. Now it is trading below that line. In the four-hour chart, the cable fell below the bearish h&s pattern.

    Bullish developments - The cable has been moving towards higher lows in the weekly chart. Support is found at 1.5450. The weekly trading pattern is framed between 1.5450 and 1.5700. After 5 weeks, the cable has finally closed above 50Wsma. In case of a daily close above 1.5700, bulls will aim for 1.5780 in a day or two.

    Moving averages- The 20& 50Dsma is found at 1.5550, 100Dema is found at 1.5470, 200Dsma is found at 1.5400, 20Wsma is found at 1.5380, and 100Dsma is found at 1.5320.

    Intraday - Intraday resistance is seen at 1.5650, 1.5675, and 1.5700. Support is found at 1.5600, 1.5580, and 1.5560.

    Intraday buying is likeli to take place around sl 1.5580 with targets at 1.5640, 1.5670, and 1.5690. Strong momentum is expected above 1.5700.

    Selling trade is available below 1.5580 with targets at 1.5560, 1.5550, and 1.5540 initially, and is likely to extend towards 1.5490 and 1.5470 later. Selling wil accelerate only below 1.5530 and trend is likely to change below 1.5440.

    Whenever the cable touches 1.5675 and 1.5700, it will hit lower lows around 1.5530 and 1.5467 later. This time we can expect 1.5450 or 1.5410.

    A daily close above 1.5700 is likely to enable bulls to aim for 1.5780 in a day or two.


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