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  • GBP/USD Forecast –British Pound Eyeing Further Gains Above 1.3080 Vs US Dollar

    GBP/USD Forecast –British Pound Eyeing Further Gains Above 1.3080 Vs US Dollar

    • – The British Pound is trading nicely above the 1.3000 support area against the US Dollar.
    • – There is a major bullish trend line in place with support at 1.3020 on the hourly chart of the GBP/USD pair.
    • – Recently in China, the new loans figure for August 2018 was released by People’s Bank of China.
    • – The outcome was below the market forecast of 1,300B as the new loans came in at 1,280B.

     

    China’s New Loans Report

    Recently in China, the new loans figure for August 2018 was released by People’s Bank of China. The market was positioned for the new loans figure to be around 1,300B in August 2018.

     

    The actual result was below the market forecast of 1,300B as the new loans came in at 1,280B. This was also below the last reading of 1,450B. Looking at the M2 Money Supply, there was a rise of 8.2% in August 2018 (YoY), less than the forecast of 8.5%.

     

    The GBP/USD pair is currently placed nicely in an uptrend above the 1.3000 handle and it seems like the pair could make an attempt to climb above 1.3100.

     

    GBP/USD Technical Analysis

    The British Pound recently found support near the 1.2910 level against the US Dollar. The GBP/USD pair started an upside move, broke the 1.2950 and 1.3000 resistance levels, and finally settled above the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair even broke the 1.3050 resistance and traded as high as 1.3082. Later, there was a downside correction and the pair broke the 23.6% Fib retracement level of the last wave from the 1.2979 low to 1.3082 high.

     

    However, there are many supports on the downside near the 1.3030 and 1.3020 levels. The 50% Fib retracement level of the last wave from the 1.2979 low to 1.3082 high is an initial support near the 1.3030 level.

     

    Moreover, there is a major bullish trend line in place with support at 1.3020 on the hourly chart of the GBP/USD pair. The trend line support is also above the 100 hourly SMA and the 1.3000 handle. Therefore, if the pair corrects lower, it could find support near 1.3020. On the upside, it may soon make an attempt to break the 1.3080 and 1.3100 resistance levels.

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  • GBP/USD Forecast – Can British Pound Break This Vs US Dollar?

    GBP/USD Forecast – Can British Pound Break This Vs US Dollar?

    • – The British Pound jumped higher sharply from the 1.2784 swing low against the US Dollar.
    • – There is a crucial bearish trend line in place with resistance at 1.2965 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Trade Balance report for July 2018 was released by the Bureau of Economic Analysis and the U.S. Census Bureau.
    • – The outcome was around the market forecast as there was a trade deficit of $-50.1B.

     

    US Trade Balance

    Recently in the US, the Trade Balance report for July 2018 was released by the Bureau of Economic Analysis and the U.S. Census Bureau. The market was positioned for a trade deficit of around $-50.1B, more than the last deficit.

     

    The actual result was around the market forecast as there was a trade deficit of $-50.1B, which was more than the last revised trade deficit of $-45.7B. The report added that:

     

    The July increase in the goods and services deficit reflected an increase in the goods deficit of $4.2 billion to $73.1 billion and a decrease in the services surplus of $0.1 billion to $23.1 billion.

     

    The GBP/USD pair recently climbed higher above the 1.2900 level, but it seems like the pair is facing a tough resistance near the 1.2960-70 zone.

     

    GBP/USD Technical Analysis

    The British Pound was under a lot of pressure below the 1.2900 earlier this week against the US Dollar. The GBP/USD pair traded below the 1.2800 level, but later buyers appeared near the 1.2785 level and pushed the pair higher.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair jumped higher sharply and broke the 1.2900 resistance and the 100 hourly simple moving average. It even broke the 1.2950 resistance, but it faced a strong resistance near a crucial bearish trend line with current resistance at 1.2965 on the hourly chart.

     

    The pair declined and traded below the 1.2900 support level. However, the 50% Fib retracement level of the last wave from the 1.2784 low to 1.2983 high acted as a support. GBP/USD is once again rising and it could soon retest the same bearish trend line.

     

    However, to gain traction, the pair has to move above the trend line resistance and the 1.2980 level. If it fails once again, it could retest or even break the 1.2900 support level in the near term.

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  • GBP/USD Forecast – British Pound Could Decline To 1.2825 Vs US Dollar

    GBP/USD Forecast – British Pound Could Decline To 1.2825 Vs US Dollar

    • – The British Pound formed a short-term top at 1.2931 and declined against the US Dollar.
    • – There was a break below a major bullish trend line with support at 1.2865 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the S&P/Case-Shiller Home Price Indices report for June 2018 was released by the Standard & Poor’s.
    • – The outcome was below the market forecast of +6.5% as there was a rise in indices by 6.3% (YoY).

     

    US S&P/Case-Shiller Home Price Indices

    Recently in the US, the S&P/Case-Shiller Home Price Indices report for June 2018 was released by the Standard & Poor’s. The market was positioned for a rise of around 6.5% in indices in June 2018 compared with the same month a year ago.

     

    The actual result was below the market forecast of +6.5% as there was a rise in indices by 6.3%. This was also lower than the last reading of +6.5%. The report added that:

     

    The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.2% annual gain in June, down from 6.4% in the previous month.

     

    The GBP/USD pair is currently under pressure below the 1.2880 and 1.2900 support levels, and it could slide further towards 1.2840 and 1.2825.

     

    GBP/USD Technical Analysis

    The British Pound traded higher nicely above the 1.2880 and 1.2900 levels against the US Dollar. The GBP/USD pair even traded above the 1.2920 level, but it struggled to move above the 1.2930 level and formed a top near the 1.2931 level.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair started a downside correction and the pair declined below the 1.2900 support. There was also a break below the 50% Fib retracement level of the last wave from the 1.2828 low to 1.2931 high.

     

    There was also a break below the 1.2880 level and the 100 hourly simple moving average. The pair may correct a few pips in the near term, but the broken supports near the 1.2880 and 1.2900 levels are likely to act as resistances.

     

    On the downside, the next major support is near the 1.2825 level, which is also the last swing low. An intermediate support is the 76.4% Fib retracement level of the last wave from the 1.2828 low to 1.2931 high at 1.2852. Overall, the pair remains at a risk of a downside move towards the 1.2840 and 1.2825 levels.

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  • GBP/USD Forecast – British Pound Could Extend Declines Vs US Dollar

    GBP/USD Forecast – British Pound Could Extend Declines Vs US Dollar

    • – The British Pound traded above the 1.2900 level, but it failed to hold gains against the US Dollar.
    • – There was a break below a key bullish trend line with support at 1.2910 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Existing Home Sales for July 2018 was released by the National Association of Realtors.
    • – The outcome was below the market forecast of +0.6% as there was a decline of 0.7% in sales in July 2018 2018 (MoM).

     

    US Existing Home Sales

    Recently in the US, the Existing Home Sales for July 2018 was released by the National Association of Realtors. The market was positioned for a rise of around 0.6% in sales in July 2018 compared with the previous month.

     

    The actual result was below the market forecast of +0.6% as there was a decline of 0.7% in sales in July 2018 2018. It was also disappointing as compared to the last decline of 0.6%.

     

    However, the GBP/USD pair struggled to hold gains above the 1.2910 and 1.2900 levels, resulting in a downside reaction.

     

    GBP/USD Technical Analysis

    The British Pound was in a nice uptrend as it climbed above the 1.2800 and 1.2850 resistance levels against the US Dollar. The GBP/USD pair even broke the 1.2900 level, but it later faced a solid resistance near the 1.2935 level.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair formed as high as 1.2936 and later it started a downside correction. It declined and broke the 1.2910 and 1.2900 support levels. Moreover, there was a break below a key bullish trend line with support at 1.2910 on the hourly chart of the GBP/USD pair.

     

    Moreover, the pair is also about to break the 23.6% fib retracement level of the last wave from the 1.2729 low to 1.2936 high. It seems like there was an increase in selling pressure as the pair is now trading well below the 1.2900 level.

     

    The next major support on the downside is near the 1.2850 level and the 50% fib retracement level of the last wave from the 1.2729 low to 1.2936 high. If the pair corrects higher, the broken supports at 1.2900 and 1.2915 are likely to act as resistances in the near term.

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  • EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    • – The Euro started a nice upside move after trading as low as 0.8900 against the British Pound.
    • – There is a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair.
    • – Recently in the UK, the Rightmove House Price Index for August 2018 was released.
    • – The outcome was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3% (MoM).

     

    UK’s Rightmove House Price Index

    Recently in the UK, the Rightmove House Price Index for August 2018 was released. The market was positioned for a decline of around 1.2% in the index in August 2018 compared with the previous month.

     

    The actual result was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3%.  Looking at the yearly change, there was a rise of 1.1% in August 2018, less than the last increase of 1.4%.

     

    The EUR/GBP pair is currently placed nicely above the 0.8940-50 support area and it could continue to move higher in the short term.

     

    EUR/GBP Technical Analysis

    The Euro consolidated near the 0.8900 level for some time and formed a base for an upside move against the British Pound. The EUR/GBP pair started an upside move and broke the 0.8920 and 0.8940 resistance levels to settle above the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair even broke the 0.8960 level and traded as high as 0.8977. Later, there was a downside correction below the 0.8970 level. The pair is currently testing the 23.6% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    On the downside, there are several supports near the 0.8950 level. There is also a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair. The channel support is close to the 50% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    Therefore, if the pair corrects lower further towards the 0.8950 and 0.8945 levels, it is likely to find supports. On the upside, the pair has to break the 0.8975-80 zone for more gains above the 0.9000 level in the near term.

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  • GBP/USD Forecast –Can British Pound Recover Above 1.2740 Vs US Dollar?

    GBP/USD Forecast –Can British Pound Recover Above 1.2740 Vs US Dollar?

    • – The British Pound declined heavily and traded towards the 1.2660 level against the US Dollar.
    • – To initiate a recovery, there was a break above a short-term contracting triangle at 1.2700 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Retail Sales report for July 2018 was released by the US Census Bureau.
    • – The outcome was above the market forecast of +0.1% as there was a rise of 0.5% in sales in July 2018 (MoM).

     

    US Retail Sales

    Recently in the US, the Retail Sales report for July 2018 was released by the US Census Bureau. The market was positioned for a rise of around 0.1% in sales in July 2018 compared with the previous month.

     

    The actual result was above the market forecast of +0.1% as there was a rise of 0.5% in sales in July 2018. Looking at the Retail Sales ex Autos, there was a rise of 0.6%, more than the forecast of 0.3% and also more than the last revised reading of 0.2%.

     

    However, the GBP/USD pair started an upside correction and it seems like the pair may perhaps move above the 1.2725 and 1.2740 resistance levels.

     

    GBP/USD Technical Analysis

    The British Pound fell sharply during the past few days from the 1.2950 swing high against the US Dollar. The GBP/USD pair broke the 1.2820, 1.2710 and 1.2680 support levels to move deep into the bearish zone.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair is trading well below the 100 hourly simple moving average and formed a low at 1.2661. It is currently correcting higher and moved above the 23.6% fib retracement level of the last decline from the 1.2827 high to 1.2611 low.

     

    More importantly, there was a break above a short-term contracting triangle at 1.2700 on the hourly chart of the GBP/USD pair. The next resistance on the upside for buyers is near the 1.2740 level, which was a support earlier.

     

    Moreover, the 50% fib retracement level of the last decline from the 1.2827 high to 1.2611 low is positioned near the 1.2744 level. Therefore, it won’t be easy for GBP/USD to move above 1.2740-1.2744. Above this, the pair will most likely surge towards 1.2800. On the downside, supports are at 1.2700 and 1.2680.

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  • GBP/USD Forecast –British Pound Recovery Faces Hurdles Vs US Dollar

    GBP/USD Forecast –British Pound Recovery Faces Hurdles Vs US Dollar

    • – The British Pound tumbled recently and broke the 1.2920 support area against the US Dollar.
    • – There is a major bearish trend line in place with resistance near 1.2935 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the RICS Housing Price Balance for July 2018 was released by the Royal Institution of Chartered Surveyors.
    • – The outcome was around the market forecast, as there was a rise of 4% in the RICS Housing Price Balance.

     

    UK RICS Housing Price Balance

    Recently in the UK, the RICS Housing Price Balance for July 2018 was released by the Royal Institution of Chartered Surveyors. The market was positioned for a rise of around 4% in the RICS Housing Price Balance.

     

    The actual was around the market forecast, as there was a rise of 4% in the RICS Housing Price Balance. The current reading was also above the last revised reading of 3% (up from 2%). The report added that:

     

    Lettings data continues to underline the impact of tax changes on supply of property to rent. Sales market remains broadly flat at the national level.

     

    The GBP/USD pair remains in a bearish trend and it seems like the current correction wave could face a lot of sellers on the upside near 1.2900 and 1.2920.

     

    GBP/USD Technical Analysis

    The British Pound declined heavily from well above the 1.3000 handle against the US Dollar. The GBP/USD pair broke the 1.2950, 1.2920 and 1.2900 support levels to settle below the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair traded as low as 1.2851 and it is currently correcting higher. It recovered above the 23.6% fib retracement level of the last decline from the 1.2959 high to 1.2851 low. There was also a break above a short-term bearish trend line with resistance at 1.2875.

     

    It seems like the pair may perhaps correct above the 1.2890 level in the near term. However, it is likely to face a lot of sellers near the 1.2900 and 1.2920 levels. Moreover, the 50% fib retracement level of the last decline from the 1.2959 high to 1.2851 low is also at 1.2905.

     

    Finally, there is a major bearish trend line in place with resistance near 1.2935 on the hourly chart of the GBP/USD pair. Therefore, recoveries are likely to face many hurdles on the upside near 1.2900 and 1.2920.

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  • GBP/USD Forecast – Can British Pound Hold These Key Supports Vs US Dollar?

    GBP/USD Forecast – Can British Pound Hold These Key Supports Vs US Dollar?

    • – The British Pound is struggling to move above the 1.3125 and 1.3150 resistances against the US Dollar.
    • – There are two important bearish trend lines formed with resistance at 1.3120 and 1.3148 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Fed Interest Rate Decision was announced by the Federal Reserve.
    • – The outcome was around the market forecast, as there was no change in rates from 2%.

     

    US ISM Manufacturing PMI

    Recently in the US, the Institute for Supply Management (ISM) Manufacturing Index for July 2018 was released. The market was positioned for a decline from the last reading of 60.2 to 59.5.

     

    The actual was below the forecast as the Institute for Supply Management (ISM) Manufacturing Index declined from 60.2 to 58.1. Moreover, the Fed Interest Rate Decision was announced by the Federal Reserve, and the central bank made no changes in the rate from 2%.

     

    The GBP/USD pair faced a lot of resistance on the upside, but it is holding a few important support near 1.3095 and 1.3080.

     

    GBP/USD Technical Analysis

    The British Pound formed a solid support above the 1.3085 level and recovered against the US Dollar. The GBP/USD pair traded above the 1.3150 level on a couple of occasions, but it failed to gain bullish momentum and upsides remain capped.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The recent swing high was formed near 1.3145 and the pair declined below the 50% fib retracement level of the last wave from the 1.3094 low to 1.3145 high. It also moved below the 1.3120 support and the 100 hourly simple moving average.

     

    At the moment, it is testing the 76.4% fib retracement level of the last wave from the 1.3094 low to 1.3145 high. Below this, there are two important support areas near the 1.3095 and 1.3080 levels.

     

    As long as the pair is above the 1.3080 level, it could move higher. Below this, the next stop for sellers may well be 1.3020. On the upside, there are two important bearish trend lines formed with resistance at 1.3120 and 1.3148 on the hourly chart of the GBP/USD pair. A break above 1.3150 is needed for more gains in the near term.

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  • GBP/USD Forecast – British Pound Dips Remain Supported Vs US Dollar

    GBP/USD Forecast – British Pound Dips Remain Supported Vs US Dollar

    • – The British Pound is moving nicely in an uptrend above the 1.3120 support against the US Dollar.
    • – There is a major bullish trend line in place with support at 1.3155 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the CBI Distributive Trades figure for July 2018 was released by the Confederation of British Industry.
    • – The outcome was above the forecast of +15% as the CBI Distributive Trades increased 20% (MoM).

     

    UK CBI Distributive Trades

    Recently in the UK, the CBI Distributive Trades figure for July 2018 was released by the Confederation of British Industry. The market was positioned for a rise of around 15% in July 2018 compared with the previous month.

     

    The actual was above the forecast of +15% as the CBI Distributive Trades increased 20%. However, this was on the lower side when compared with the last increase of 32%.

     

    The GBP/USD pair remained in an uptrend and is currently correcting lower towards the 1.3160 and 1.3150 support levels.

     

    GBP/USD Technical Analysis

    The British Pound formed a decent support base near 1.3000 and climbed higher against the US Dollar. The GBP/USD pair traded above the 1.3100 and 1.3150 resistance levels to position above the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair traded above the 1.3200 level and a high was formed at 1.3212. Later, the pair started a downside correction and is currently trading near 1.3200. On the downside, an initial support is near the 23.6% fib retracement level of the last wave from the 1.3070 low to 1.3212 high.

     

    Moreover, there is a major bullish trend line in place with support at 1.3155 on the hourly chart of the GBP/USD pair. The trend line support is close to the 38.2% fib retracement level of the last wave from the 1.3070 low to 1.3212 high.

     

    Therefore, if the price corrects lower from the current levels, it is likely to find support near the 1.3150 and 1.3120 levels. On the upside, a break above the recent high at 1.3212 may perhaps open the doors for more gains. The next target could be the 1.3240 level, above which, the pair may well test 1.3260.

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  • GBP/USD Forecast – British Pound Drops Sharply Vs US Dollar

    GBP/USD Forecast – British Pound Drops Sharply Vs US Dollar

    • – The British Pound failed to move above the 1.3270 resistance and declined sharply against the US Dollar.
    • – There was a break below a key bullish trend line with support at 1.3150 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Total Net TIC Flows report for May 2018 was released by the US Department of Treasury.
    • – The outcome was above the forecast of $52.3B as the Total Net TIC Flows came in at $69.9B.

     

    US Total Net TIC Flows

    Recently in the US, the Total Net TIC Flows report for May 2018 was released by the US Department of Treasury. The market was positioned for the Total Net TIC Flows to be $52.3B, less than the last $138.7B.

     

    The actual was above the forecast of $52.3B as the Total Net TIC Flows came in at $69.9B. Moreover, the last reading was revised up from $138.7B to $233.1B. Looking at the Net Long-Term TIC Flow, there was a decline from the last revised reading of $94.0B to $45.6B.

     

    The GBP/USD pair recently made a sharp downside move and broke a few important supports to move into a bearish zone below 1.3200.

     

    GBP/USD Technical Analysis

    The British Pound was placed nicely above the 1.3250 level earlier this week against the US Dollar. The GBP/USD pair faced a strong resistance zone near 1.3270-80, which resulted in a sharp decline below the 1.3200 level and the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    Moreover, there was a break below a key bullish trend line with support at 1.3150 on the hourly chart of the GBP/USD pair. It even broke the 1.3100 support area and traded as low as 1.3070. It corrected higher and is currently trading near the 23.6% fib retracement level of the last decline from the 1.3268 high to 1.3070 low.

     

    The pair may perhaps correct a few pips towards the 1.3140 level where it is likely to face sellers. Above this, the next resistance is near 1.3190 and the 50% fib retracement level of the last decline from the 1.3268 high to 1.3070 low.

     

    Overall, the pair has moved into a bearish zone below 1.3200, and any corrections from the current levels are likely to face sellers near 1.3140 and 1.3190.

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