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  • GBP/USD Forecast – British Pound To Surge above 1.4200 Vs US Dollar?

    GBP/USD Forecast – British Pound To Surge above 1.4200 Vs US Dollar?

    • – The British Pound is trading in a bullish zone and is currently well above 1.4150 against the US Dollar.
    • – There is a major bullish trend line forming with support at 1.4170 on the hourly chart of the GBP/USD pair.
    • – Recently in China, the Consumer Price Index for March 2018 was released by the National Bureau of Statistics of China.
    • – The outcome was below the forecast of -0.5% as there was a decline in the CPI by 1.1% (MoM).

     

    China’s CPI

    Recently in China, the Consumer Price Index for March 2018 was released by the National Bureau of Statistics of China. The market was positioned for a decline of 0.5% in the CPI in March 2018 compared with the previous month.

     

    The actual was below the forecast of -0.5% as there was a decline in the CPI by 1.1%. Looking at the yearly change, there was a rise of 3.1% in the CPI in March 2018, which was also below the forecast of +3.2%, and also below the last increase of 3.7%.

     

    The GBP/USD pair is currently placed nicely in a bullish trend and it may continue to rise towards 1.4200 in the near term.

     

    GBP/USD Technical Analysis

    The British Pound started a nice upside move from well below the 1.4100 level against the US Dollar. The GBP/USD pair gained upside momentum, traded above the 1.4150 resistance, and it also settled above the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair recently traded close to the 1.4190 level where it found resistance. It corrected lower and tested the 38.2% Fib retracement level of the last wave from the 1.4077 low to 1.4188 high. However, the downside move was protected by the 1.4130-40 zone.

     

    The pair is now back in a bullish zone above 1.4150 and it looks set for more gains above 1.4180. On the downside, there is a major bullish trend line forming with support at 1.4170 on the hourly chart of the GBP/USD pair.

     

    Therefore, the pair remains well supported above the 1.4150-60 levels. On the upside, a break above the 1.4188 high could open the doors for a push above the 1.4200 level in the near term.

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  • GBP/USD Forecast – Can British Pound Continue Higher Vs US Dollar?

    GBP/USD Forecast – Can British Pound Continue Higher Vs US Dollar?

    • – The British Pound is placed nicely above the 1.4000 support area against the US Dollar.
    • – There is an important bullish trend line forming with support at 1.4010 on the 4-hours chart of the GBP/USD pair.
    • – Recently in the UK, the GFK Consumer Confidence for March 2018 was released by the e GfK Group.
    • – The outcome was better than the forecast as there was a rise in the index from the last reading of -10 to -7.

     

    UK GFK Consumer Confidence

    Recently in the UK, the GFK Consumer Confidence for March 2018 was released by the e GfK Group. The market was positioned for no change in the Consumer Confidence from the last reading of -10 in March 2018.

     

    The actual result was better than the forecast as there was a rise in the index from the last reading of -10 to -7. The report added that:

     

    GfK’s long-running Consumer Confidence Index increased three points in March 2018.  All five of the constituent measures recorded higher values.

     

    The GBP/USD pair must stay above the 1.4010 and 1.4000 support levels to remain in a bullish zone for more gains.

     

    GBP/USD Technical Analysis

    The British Pound made decent gains this week so far above the 1.4050 pivot level against the US Dollar. The GBP/USD pair was seen trading in a bullish zone, but at the same time there was a strong resistance near the 1.4230-40 zone.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair even traded above the 1.4150 level and it recently formed a high at 1.4170. At the moment, it is correcting lower and broke the 50% Fib retracement level of the last wave from the 1.3982 low to 1.4170 high.

     

    On the downside, there is also a major bullish trend line forming with support at 1.4010 on the 4-hours chart of the GBP/USD pair. The same trend line is near the previous pivot zone and the 100 simple moving average (4-hours).

     

    Therefore, it seems like the pair remains well supported around the 1.4000 level. If the pair fails to hold the 1.4000 handle, there could be major declines in the near term.

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  • GBP/USD Forecast – British Pound Remains Buy on Dips Vs US Dollar

    GBP/USD Forecast – British Pound Remains Buy on Dips Vs US Dollar

    • – The British Pound made a nice upside move and broke the 1.4100 resistance against the US Dollar.
    • – There is a major bullish trend line forming with support at 1.4080 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Feb interest rate decision March 2018 was released.
    • – The outcome was around the forecast, as the central bank increased rates from 1.5% to 1.75%.

     

    Feb Interest Rate Decision

    Recently in the US, the Feb interest rate decision March 2018 was released. The market was positioned for an increase in the interest rates in March 2018 from 1.50% to 1.75%.

     

    The actual result was around the forecast, as the central bank increased rates from 1.5% to 1.75%. Moreover, the US Existing Home Sales report for Feb 2018 was released by the National Association of Realtors. The outcome was positive as there was a rise of 3% in sales compared with the forecast of +0.5% (MoM).

     

    The GBP/USD pair is currently placed nicely in an uptrend and any dips from the current levels remain supported above 1.4100.

     

    GBP/USD Technical Analysis

    The British Pound started a major uptrend from the 1.3980 swing low against the US Dollar. The GBP/USD pair surged higher and cleared many hurdles on the way up such as 1.4000, 1.4080, 1.4100 and the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair even traded above the 1.4150 level and it recently formed a high at 1.4170. At the moment, it is correcting lower with an initial support around the 23.6% Fib retracement level of the last wave from the 1.3982 low to 1.4170 high.

     

    On the downside, there is also a major bullish trend line forming with support at 1.4080 on the hourly chart of the GBP/USD pair. The same trend line is near the 38.2% Fib retracement level of the last wave from the 1.3982 low to 1.4170 high.

     

    Therefore, it seems like the pair remains well supported around the 1.41000 level. Any dips from the current levels could find buyers near the 1.4125, 1.4100 and 1.4080 support levels in the near term.

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  • EUR/GBP Forecast – Euro To Decline Further Vs British Pound?

    EUR/GBP Forecast – Euro To Decline Further Vs British Pound?

    • – The Euro is under a lot of pressure and it could decline below 0.8740 against the British Pound.
    • – There is a key bearish trend line forming with current resistance at 0.8765 on the hourly chart of the EUR/GBP pair.
    • – Recently in the Euro Zone, the Consumer Confidence (Prelim) for March 2018 was released by the European Commission.
    • – The outcome was above the forecast of 0.0 as the Consumer Confidence came in at 0.1 in March 2018.

     

    Euro Zone Consumer Confidence

    Recently in the Euro Zone, the Consumer Confidence (Prelim) for March 2018 was released by the European Commission. The market was positioned for a decline from the last reading of 0.1 to 0.0 in March 2018 (Prelim).

     

    The actual result was above the forecast of 0.0 as the Consumer Confidence came in at 0.1 in March 2018.  However, the reading of 0.1 was not impressive since there was no rise from the last reading.

     

    It seems like EUR/GBP pair is at a risk of more declines and it could even break the 0.8740 support level in the near term.

     

    EUR/GBP Technical Analysis

    The Euro started a major downside move from well above the 0.8850 level against the British Pound. The EUR/GBP pair traded lower and broke many support levels such as 0.8800 and 0.8780 to settle below the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair recently traded as low as 0.8744 and is currently consolidating losses. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.8798 high to 0.8744 low.

     

    There is also a key bearish trend line forming with current resistance at 0.8765 on the hourly chart of the EUR/GBP pair. The trend line resistance is near the 50% Fib retracement level of the last decline from the 0.8798 high to 0.8744 low.

     

    Therefore, if the pair corrects higher from the current levels, it could face a strong selling interest near the 0.8765-70 levels. On the downside, the recent low near 0.8740 is a short term support. A break below 0.8740 could push the pair towards the next support at 0.8700.

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  • GBP/USD Forecast – British Pound To Extend Gains Vs US Dollar?

    GBP/USD Forecast – British Pound To Extend Gains Vs US Dollar?

    • – The British Pound is trading with a positive bias above the 1.3850 level against the US Dollar.
    • – There is a crucial bullish trend line forming with support at 1.3880 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the RICS Housing Price Balance survey index for Feb 2018 was released by the Royal Institution of Chartered Surveyors.
    • – The outcome was below the forecast of 7% as there was no change in the RICS Housing Price in Feb 2018.

     

    UK RICS Housing Price Balance

    Recently in the UK, the RICS Housing Price Balance survey index for Feb 2018 was released by the Royal Institution of Chartered Surveyors. The market was positioned for a rise of 7% in the index in Feb 2018 compared with the previous month.

     

    The actual result was below the forecast of 7% as there was no change in the RICS Housing Price in Feb 2018. The last reading was also revised down from 8% to 7%. The report added:

     

    New buyer enquiries fall for the eleventh consecutive month. Average stocks on estate agents’ books hits fresh record low. Results continue to signal significant regional variation across the country.

     

    The GBP/USD pair remained in the bullish zone and it seems like the pair may continue to move higher towards the 1.3950 level.

     

    GBP/USD Technical Analysis

    The British Pound started a fresh upside wave from the 1.3720 swing low against the US Dollar. The GBP/USD pair traded higher and broke a few important resistances such as 1.3800 and 1.3850 to settle above the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair recently traded as high as 1.3929 before correcting lower. It corrected and tested the 1.3850 support level. It found buyers near a crucial bullish trend line with current support at 1.3880 on the hourly chart of the GBP/USD pair.

     

    The pair is now back trading higher and it is already trading above the 50% Fib retracement level of the last decline from the 1.3929 high to 1.3847 low. It seems like the pair may extend gains and it could retest the 1.3929 high.

     

    Moreover, it could even break the 1.3929 level to challenge the next resistance near 1.3950. On the downside, supports are at 1.3875 and 1.3850.

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  • GBP/JPY Forecast – British Pound Remains Supported Vs Japanese Yen

    GBP/JPY Forecast – British Pound Remains Supported Vs Japanese Yen

    • – The British Pound formed a short-term bottom near 145.00 and recovered against the Japanese Yen.
    • – There was a break above a major bearish trend line with resistance at 146.85 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Foreign exchange reserves for Feb 2018 were released by Ministry of Finance.
    • – The outcome was around the market forecast of $1,260B as the reserves in Feb 2018 were $1,261.7B.

    Japan’s Foreign Exchange Reserves

    Today in Japan, the Foreign exchange reserves for Feb 2018 were released by Ministry of Finance. The market was positioned for the forex reserves to be around $1,260B in Feb 218.

     

    However, the actual result was around the market forecast of $1,260B as the reserves in Feb 2018 were $1,261.7B. This was a bit lower than the last reading of $1,268.5B. There was no major impact on the Yen pairs, but today’s Halifax House Price Index release in the UK may perhaps impact the GBP/JPY pair.

     

    The GBP/JPY pair recovered nicely recently above the 146.20 level and it seems like the pair may continue to trade higher.

     

    GBP/JPY Technical Analysis

    The British Pound after a major decline found support near the 145.00 level against the Japanese Yen. The GBP/JPY pair traded as low as 144.98, started an upside move, and traded above the 145.50 resistance and the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The upside move was positive as the pair was able to settle above the 146.00 handle. There was also a break above a major bearish trend line with resistance at 146.85 on the hourly chart of GBP/JPY. The pair traded as high as 148.03 before starting a correction.

     

    The pair corrected lower and it recently tested the 50% Fib retracement level of the last wave from the 144.98 low to 148.03 high. At the moment, it seems like the 146.50 level is acting as a decent support along with the 100 hourly simple moving average.

     

    As long as the pair is above the 146.50-40 levels, it remains supported for more gains. On the upside, an initial resistance is around the 147.40 level, followed by the 148.00 handle.

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  • GBP/USD Forecast – Can British Pound Retain Upside Momentum Vs US Dollar?

    GBP/USD Forecast – Can British Pound Retain Upside Momentum Vs US Dollar?

    • – The British Pound started a downside correction after trading as high as 1.4146 against the US Dollar.
    • – There was a break below an ascending channel with support at 1.4085 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the Rightmove House Price Index for Feb 2018 was released.
    • – The outcome was above the forecast of 0.7%% as the index rose 0.8% (MoM) in Feb 2018.

     

    UK Rightmove House Price

    Recently in the UK, the Rightmove House Price Index for Feb 2018 was released. The market was positioned for a rise of 0.7% in the index in Feb 2018 compared with the previous month.

     

    The actual result was above the forecast of 0.7%% as the index rose 0.8% (MoM) in Feb 2018, which was similar to the last reading. In terms of the yearly change, there was a rise of 1.5% in the index in Feb 2018, more than the last 1.1%. The report added:

     

    Average price of property coming to market is up 0.7% (+£2,067) this month on Rightmove, tracking over 90% of the UK property market, similar to the 0.6% rise at this time a year ago with virtually identical number of properties coming to market.

     

    The GBP/USD pair is currently holding the 1.4000 support, but it remains at a risk of a downside push in the near term.

     

    GBP/USD Technical Analysis

    The British Pound made a nice upside move this past week and traded above 1.4100 against the US Dollar. The GBP/USD pair traded as high as 1.4146 before it started a downside correction and traded below 1.4100.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair declined and broke the 23.6% Fib retracement level of the last wave from the 1.3799 low to 1.4146 high. Moreover, there was a break below an ascending channel with support at 1.4085 on the hourly chart.

     

    However, the downside move was protected by the 1.4000 support. The pair is currently trading above the 1.4000 support and the 100 hourly simple moving average. Below 1.4000, the 50% Fib retracement level of the last wave from the 1.3799 low to 1.4146 high at 1.3973 is a nice support.

     

    Overall, the price action is positive as long as the pair is above 1.3970-1.4000. A break below 1.3970 could ignite more losses in the near term.

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  • GBP/JPY Forecast – British Pound To Decline Below 148.50 Vs Japanese Yen?

    GBP/JPY Forecast – British Pound To Decline Below 148.50 Vs Japanese Yen?

    • – The British Pound is under a lot of pressure and it recently declined below 149.00 against the Japanese Yen.
    • – There are two bearish trend lines forming with resistances at 149.30 and 149.80 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Gross Domestic Product for Q4 2017 (Prelim) was released by the Cabinet Office.
    • – The outcome was below the forecast of 0.2% as there was a rise in the GDP by 0.1% in Q4 2017.

    Japan’s Gross Domestic Product

    Today in Japan, the Gross Domestic Product for Q4 2017 (Prelim) was released by the Cabinet Office. The market was positioned for a rise of 0.2% in the GDP in Q4 2017 compared with the previous quarter.

     

    However, the actual result was below the forecast of 0.2% as there was a rise in the GDP by 0.1% in Q4 2017. This was well below the last reading of 0.6%. In terms of the yearly change, the preliminary reading suggests a rise of 0.5% in the GDP, less than the forecast of 0.9%.

     

    The GBP/JPY pair is currently declining, but there could be a minor upside correction towards the 149.30 and 149.80 resistance levels.

     

    GBP/JPY Technical Analysis

    The British Pound started a fresh downside move from well above the 154.00 level against the Japanese Yen. The GBP/JPY pair declined, broke the 152.00 and 150.00 support levels, and settled below the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The fell below the 149.00 support as well and traded as low as 148.70 recently. It seems like the pair could decline further towards the 1.236 Fib extension of the last wave from the 148.91 low to 150.82 high at 148.46. On the upside, there are two bearish trend lines forming with resistances at 149.30 and 149.80 on the hourly chart.

     

    If the pair corrects higher from the current levels, the 149.30 and 149.80 resistance levels are likely to act as a strong barrier.

     

    Overall, the pair decline below 148.50 and if sellers remains in control, it could even test the 1.618 Fib extension of the last wave from the 148.91 low to 150.82 high at 147.73.

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

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

    • – The British Pound is under pressure and it recently broke the 1.4000 support against the US Dollar.
    • – There are two bearish trend lines forming with resistance near 1.3880-1.3900 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the RICS Housing Price Balance figure for Jan 2018 was released by the Royal Institution of Chartered Surveyors.
    • – The outcome was above the forecast of 5% as the RICS Housing Price increased by 8% in Jan 2018.

     

    UK RICS Housing Price Balance

    Recently in the UK, the RICS Housing Price Balance figure for Jan 2018 was released by the Royal Institution of Chartered Surveyors. The market was positioned for a rise of 5% in the index in Jan 2018 compared with the last reading of 8%.

     

    The actual result was above the forecast of 5% as the RICS Housing Price increased by 8% in Jan 2018. This was similar to the last reading of 8%. The report added:

     

    In January, new buyer enquiries, instructions and sales all continued to drift lower, while the three month expectations for agreed sales points to a flat picture in the coming months.

     

    The GBP/USD pair is currently under pressure and it must stay above the 1.3850 support to avoid further declines.

     

    GBP/USD Technical Analysis

    The British Pound started a downside move from the 1.4280 swing high against the US Dollar. The GBP/USD pair declined slowly and steadily to move below the 1.4200 and 1.4100 support levels. More importantly, it traded below the 1.4000 support and the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair traded as low as 1.3850 and is currently consolidating losses. It is currently trading near the 23.6% Fib retracement level of the last decline from the 1.3993 high to 1.3850 low.

     

    However, on the upside, there are two bearish trend lines forming with resistance near 1.3880-1.3900 on the hourly chart of the GBP/USD pair. The pair struggle to break the 1.3900 resistance and the 50% Fib retracement level of the last decline from the 1.3993 high to 1.3850 low.

     

    On the downside, the 1.3850 support holds a lot of importance, and the pair must stay above 1.3850 to avoid further declines. On the upside, a break and close above 1.3900 could decrease the bearish pressure.

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  • GBP/USD Forecast – Can British Pound Remain above 1.4080 Vs US Dollar?

    GBP/USD Forecast – Can British Pound Remain above 1.4080 Vs US Dollar?

    • – The British Pound made a nice upside move recently and it traded above 1.4300 against the US Dollar before starting a correction.
    • – There is a short term bearish trend line forming with resistance at 1.4175 on the hourly chart of the GBP/USD pair.
    • – Recently in the UK, the Gross Domestic Product report for Q4 2017 (prelim) was released by the National Statistics.
    • – The outcome was above the forecast of 0.4% as the GDP grew by 0.5% (QoQ).

     

    UK Gross Domestic Product

    Recently in the UK, the Gross Domestic Product report for Q4 2017 (prelim) was released by the National Statistics. The market was positioned for a growth of 0.4% in Q4 2017 compared with the previous quarter.

     

    The actual result was above the forecast of 0.4% as the GDP grew by 0.5% (QoQ). In terms of the yearly change, there was an increase of 1.5% in the GDP, which was more than the forecast of 1.4%, but it was less than the last 1.7%.

     

    The GBP/USD pair is moving nicely in an uptrend with a major support on the downside around the 1.4080 level.

     

    GBP/USD Technical Analysis

    The British Pound traded sharply higher this past week and traded above the 1.4300 level against the US Dollar. The GBP/USD pair broke the 1.4280 and 1.4300 resistances to trade as high as 1.4345.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    Later, a downside move was initiated, but the pair found support near 1.4080. At the moment, the pair is moving inside a range above the 1.4080 level and is currently showing a lot of positive signs. The recent low was 1.4108 and the pair is trading near the 100 hourly simple moving average.

     

    The pair is currently attempting an upside break above the 23.6% Fib retracement level of the last decline from the 1.4286 high to 1.4108 low. On the upside, there is a short term bearish trend line forming with resistance at 1.4175 on the hourly chart.

     

    The trend line resistance is important along with the 38.2% Fib retracement level of the last decline from the 1.4286 high to 1.4108 low. A break and close above 1.4175-1.4180 could ignite a fresh upside wave in the near term.

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