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

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

    • – The British Pound failed to break the 1.3280-1.3300 resistance area and declined against the US Dollar.
    • – There is a major bearish trend line in place with resistance at 1.3225 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the RICS Housing Price Balance report for June 2018 was released by the Royal Institution of Chartered Surveyors.
    • – The outcome was above the forecast of -2% as there was a rise in the RICS Housing Price by 2% in June 2018.

     

    UK RICS Housing Price Balance

    Recently in the UK, the RICS Housing Price Balance report for June 2018 was released by the Royal Institution of Chartered Surveyors. The market was positioned for a decline of around 2% the RICS Housing Price in June 2018.

     

    The actual was above the forecast of -2% as there was a rise in the RICS Housing Price by 2% in June 2018. It was also better when compared with the last decline of -3%. The report added that:

     

    Activity indicators suggest subdued picture in the market will persist, improvement in new properties coming to the market likely to be very short-lived, and rent expectations consistent with the lack of new supply.

     

    The GBP/USD pair is currently under bearish pressure and it seems like the pair could extend losses towards the 1.3160 level in the near term.

     

    GBP/USD Technical Analysis

    The British Pound started an upside correction from the 1.3189 low against the US Dollar. The GBP/USD pair traded above the 1.3250 resistance and the 100 hourly simple moving average. However, the pair faced a strong resistance near the 1.3280-1.3300 zone.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    As a result, the pair declined sharply and broke the 1.3250 support and the 100 hourly SMA. The pair also broke the 76.4% fib retracement level of the last wave from the 1.3189 low to 1.3300 high. It is currently trading near the 1.3289 swing low and it remains at a risk of more losses.

     

    A downside break could push the pair towards the 1.236 Fib extension level of the last wave from the 1.3189 low to 1.3300 high at 1.3162. Below this, the pair may perhaps test the 1.3150 level.

     

    On the upside, an initial resistance is near the 1.3220 resistance, above which, there is a major bearish trend line in place with resistance at 1.3225 on the hourly chart of the GBP/USD pair.

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  • GBP/USD Forecast – British Pound Remains in Uptrend Vs US Dollar

    GBP/USD Forecast – British Pound Remains in Uptrend Vs US Dollar

    • – The British Pound is moving nicely with bullish moves above the 1.3210 support against the US Dollar.
    • – There is a key ascending channel formed with support at 1.3210 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the Services PMI for June 2018 was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics.
    • – The outcome was above the forecast of 54.0 as there was a rise in the PMI from 54.0 to 55.1.

     

    UK Services PMI

    Recently in the UK, the Services PMI for June 2018 was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics. The market was positioned for no change in the PMI from the last reading of 54.0.

     

    The actual was above the forecast of 54.0 as there was a rise in the PMI from 54.0 to 55.1. According to the report, there was a robust and accelerated upturn in business activity. More importantly, new work increases at fastest pace for 13 months. The report added that:

     

    UK service providers indicated the fastest expansion of business activity for eight months in June, which continued the recovery in growth seen since March’s snow-related disruption. The latest upturn in service sector output was supported by the strongest increase in new work since May 2017.

     

    The GBP/USD pair is currently placed nicely in a bullish trend and it is likely to move further higher above 1.3250 in the near term.

     

    GBP/USD Technical Analysis

    There was a strong buying interest above the 1.3020 support in the British Pound against the US Dollar. The GBP/USD pair formed a base, started an upside move, broke the 1.3150 and 1.3200 resistance levels, and settled above the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair even recently traded as high as 1.3249 and is currently correcting lower. It has moved below the 23.6% fib retracement level of the last wave from the 1.3170 low to 1.3249 high. However, there are many supports on the downside near the 1.3200 level.

     

    There is also a key ascending channel formed with support at 1.3210 on the hourly chart of the GBP/USD pair. The 50% fib retracement level of the last wave from the 1.3170 low to 1.3249 high is also near 1.3206 to act as a support.

     

    Therefore, dips near the 1.3200 level remains supported. On the upside, resistances are seen at 1.3240 and 1.3250, followed by 1.3300.

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  • GBP/JPY Forecast – British Pound Could Decline Vs Japanese Yen

    GBP/JPY Forecast – British Pound Could Decline Vs Japanese Yen

    • – The British Pound struggled to break the $146.20 resistance and declined against the Japanese Yen.
    • – There is a major contracting triangle forming with support at 144.90 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Corporate Service Price Index (CSPI) for May 2018 was released by the Bank of Japan.
    • – The outcome was around the market forecast as the CSPI index increased 1% in May 2018 (YoY).

    Japan’s Corporate Service Price Index (CSPI)

    Today in Japan, the Corporate Service Price Index (CSPI) for May 2018 was released by the Bank of Japan. The market was positioned for a rise of around 1% in the CSPI compared with the same month a year ago.

     

    However, the actual result was around the market forecast as the CSPI index increased 1% in May 2018 (YoY), which was above the last reading of 0.9%. Looking at the Services Producer Price Index (All items <excluding International transportation>), there was an increase of 1.0% from the previous year.

     

    The GBP/JPY pair is currently trading below the 145.80 resistance and it is at a risk of a downside break in the near term.

     

    GBP/JPY Technical Analysis

    The British Pound formed a low at 144.69 and started an upside move against the Japanese Yen. The GBP/JPY pair traded above the 145.00 and 145.20 resistance levels to settle above the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The pair also broke the 50% Fib retracement level of the last decline from the 146.64 high to 144.69 low. However, the upside move was capped by the 146.00-146.20 resistance zone. Moreover, the 76.4% Fib retracement level of the last decline from the 146.64 high to 144.69 low acted as a resistance.

     

    The pair dropped back and moved below the 145.80 level and the 100 hourly SMA. At the moment, a connecting bullish trend line with support at 145.30 is holding losses. More importantly, there is a major contracting triangle forming with support at 144.90 on the hourly chart of GBP/JPY.

     

    Overall, it seems like the pair may decline below 145.30-20 in the near term and it could even test the triangle support at 144.90 before recovering in the near term.

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  • GBP/USD Forecast – British Pound Bullish above 1.3400 Vs US Dollar

    GBP/USD Forecast – British Pound Bullish above 1.3400 Vs US Dollar

    • – The British Pound is gaining pace and is currently trading nicely above 1.3400 against the US Dollar.
    • – There is a crucial bullish trend line formed with support at 1.3375 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Trade Balance report for April 2018 was by the Bureau of Economic Analysis and the U.S. Census Bureau.
    • – The outcome was above the forecast of $-49.0B, as there was a trade deficit of $-46.2B.

     

    US Trade Balance

    Recently in the US, the Trade Balance report for April 2018 was by the Bureau of Economic Analysis and the U.S. Census Bureau. The market was positioned for a trade deficit of $-49.0B in April, similar to the last reading.

     

    The actual result was better than the forecast o of $-49.0B, as there was a trade deficit of $-46.2B. Moreover, the last reading was revised down to $-47.2B.

     

    The GBP/USD pair is currently consolidating gains with a minor corrective formation, but it remains in an uptrend above the 1.3400 level.

     

    GBP/USD Technical Analysis

    After a major decline, the British Pound found support around the 1.3250 level against the US Dollar. The GBP/USD pair started an upside move and traded above the 1.3300 and 1.3350 resistance levels to settle nicely above the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair even broke the 1.3400 resistance and settled above the same. It traded as high as 1.3449 and is currently consolidating gains. On the downside, an initial support is around the 38.2% fib retracement level of the last wave from the 1.3332 low to 1.3442 high.

     

    More importantly, the previous resistance near the 1.3400 level is likely to act as a strong support in the near term. There is also a crucial bullish trend line formed with support at 1.3375 on the hourly chart of the GBP/USD pair.

     

    Overall, the pair remains well supported near 1.3400, the trend line, and the 50% fib retracement level of the last wave from the 1.3332 low to 1.3442 high. On the upside, a break above the 1.3450 level may open the doors for more gains towards 1.3500 in the near term.

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  • GBP/USD Forecast – British Pound Remains in Downtrend Vs US Dollar

    GBP/USD Forecast – British Pound Remains in Downtrend Vs US Dollar

    • – The British Pound struggled to correct higher and moved below the 1.3300 support against the US Dollar.
    • – There is a major bearish trend line formed with resistance at 1.3280 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, British Retail Consortium (BRC) Shop Price Index for May 2018 was released.
    • – The outcome was below the forecast of +1.0% as there was a decline in the index by 1.1%.

     

    UK British Retail Consortium (BRC) Shop Price Index

    Recently in the UK, British Retail Consortium (BRC) Shop Price Index for May 2018 was released. The market was positioned for a minor rise of 1% in the (BRC) Shop Price Index, compared with the last decline of 1%.

     

    The actual result was below the forecast of +1.0% as there was a decline in the index by 1.1%, which was similar to the last reading of -1.1%. Overall, the result failed to help the British Pound in a short-term recovery.

     

    The GBP/USD pair remains in a downtrend and any upsides are likely to be capped by the 1.3280 and 1.3300 resistance levels.

     

    GBP/USD Technical Analysis

    The British Pound started a major downside move from well above 1.3400 against the US Dollar. The GBP/USD pair declined and broke many supports on the way down such as 1.3300 and 1.3250 to settle below the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair traded as low as 1.3209 before starting a short term correction. It moved above the 38.2% Fib retracement level of the last drop from the 1.3325 high to 1.3209 low. However, the upside move was capped by the 1.3265 level.

     

    The stated 1.3265 level is also near the 50% Fib retracement level of the last drop from the 1.3325 high to 1.3209 low. Further above 1.3265, there is a major bearish trend line formed with resistance at 1.3280 on the hourly chart of the GBP/USD pair.

     

    Therefore, if the pair corrects higher further, it is likely to face sellers on the upside near the 1.3280 level. On the downside, the 1.3230 and 1.3200 levels are strong supports for buyers.

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