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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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  • GBP/USD Forecast – British Pound Upsides Remain Limited Vs US Dollar

    GBP/USD Forecast – British Pound Upsides Remain Limited Vs US Dollar

    • – The British Pound declined heavily recently and moved below 1.3400 against the US Dollar.
    • – There is a key bearish trend line formed with resistance at 1.3420 on the hourly chart of the GBP/USD pair.
    • – Recently in the US, the Manufacturing Purchasing Managers Index (PMI) for May 2018 (prelim) released by the Markit Economics.
    • – The outcome was above the forecast of 56.5 as there was a rise in the PMI from 56.5 to 56.6.

     

    US Manufacturing Purchasing Managers Index

    Recently in the US, the Manufacturing Purchasing Managers Index (PMI) for May 2018 (prelim) released by the Markit Economics. The market was positioned for no change in the PMI from the last reading of 56.5.

     

    The actual result was above the forecast of 56.5 as there was a rise in the PMI from 56.5 to 56.6. Moreover, the Flash U.S. Composite Output Index increased from the last reading of 54.9 to 55.7, and the U.S. Services Business Activity Index climbed to 55.7 from 54.6.

     

    The GBP/USD pair is currently correcting higher, but upsides are likely to be capped by the 1.2400 and 1.2420 resistance levels.

     

    GBP/USD Technical Analysis

    The British Pound was under a lot of pressure this week as it started a major downside move from well above 1.2500 against the US Dollar. The GBP/USD pair tumbled and declined below the 1.2450 and 1.2400 support levels, and it even settled below the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair traded as low as 1.3304 and it is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the 1.3491 high to 1.3304 low. However, there are many resistances on the upside near 1.2400.

     

    An initial resistance is around the 50% Fib retracement level of the last decline from the 1.3491 high to 1.3304 low at 1.3398. Moreover, there is a key bearish trend line formed with resistance at 1.3420 on the hourly chart of the GBP/USD pair.

     

    Therefore, if the pair moves higher from the current levels, it is likely to find sellers on the upside near 1.3400 and 1.3420.

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  • GBP/USD Forecast – British Pound Could Correct Higher Vs US Dollar

    GBP/USD Forecast – British Pound Could Correct Higher Vs US Dollar

    • – The British Pound found support near 1.3485 after a major decline against the US Dollar.
    • – There was a break above a major bearish trend line with resistance at 1.3540 on the hourly chart of the GBP/USD pair.
    • – Recently in China, the Consumer Price Index for April 2018 was released by the National Bureau of Statistics of China.
    • – The outcome was below the forecast of -0.1% as there was a decline in the CPI by 0.2% in April 2018.

     

    China’s Consumer Price Index

    Recently in China, the Consumer Price Index for April 2018 was released by the National Bureau of Statistics of China. The market was positioned for a decline in the CPI by 0.1% compared with the previous month.

     

    The actual was below the forecast of -0.1% as there was a decline in the CPI by 0.2% in April 2018. The yearly change posted a rise of 1.8% in the CPI, which was less than the forecast of +1.9%. Moreover, the Producer Price Index in April 2018 came in at +3.4%, less than the forecast of +3.5% (YoY).

     

    The GBP/USD pair is currently correcting higher and is supported nicely above the 1.3530 level in the near term.

     

    GBP/USD Technical Analysis

    The British Pound declined heavily during the past few days and broke the 1.3600 support level against the US Dollar. The GBP/USD pair even traded a few pips below 1.3500 handle and settled below the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair formed a low at 1.3486 and started correcting higher. It moved higher and traded above the 1.3550 resistance and the 100 hourly SMA. More importantly, there was a break above a major bearish trend line with resistance at 1.3540 on the hourly chart of the GBP/USD pair.

     

    The pair traded as high as 1.3606 and is currently correcting lower. It tested the 61.8% Fib retracement level of the last wave from the 1.3498 low to 1.3606 high. It seems like the pair is well supported above the 1.3530 level and it may move further higher in the near term.

     

    On the upside, a proper close above the 1.3600 resistance may open the doors for more gains in the near term.

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

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

    • – The British Pound declined sharply and broke the 1.3710 support against the US Dollar.
    • – There is a crucial bearish trend line formed with resistance at 1.3640 on the hourly chart of the GBP/USD pair.
    • – Recently in China, the Caixin Manufacturing PMI for April 2018 was released.
    • – The outcome was above the forecast of 50.9 as there was a rise in the PMI from 51.0 to 51.1.

     

    China’s Caixin Manufacturing PMI

    Recently in China, the Caixin Manufacturing PMI for April 2018 was released. The market was positioned for a decline in the PMI from the last reading of 51.0 to 50.9.

     

    The actual was above the forecast of 50.9 as there was a rise in the PMI from 51.0 to 51.1. There was a decent rise in the output pace, but new order growth was on a weaker side. The report added that:

     

    Manufacturing production in China continued to increase during April. That said, the rate of expansion was modest, despite picking up slightly since March. According to panellists, output was raised in line with higher new order inflows.

     

    The GBP/USD pair is currently in a bearish zone and it may continue to face selling pressure below 1.3640 in the near term.

     

    GBP/USD Technical Analysis

    The British Pound faced a lot of selling pressure recently and started a major decline from the 1.3960 swing high against the US Dollar. The GBP/USD pair tumbled and broke many supports such as 1.3800 and 1.37140 to settle below the 100 hourly simple moving average.

     

    GBP/USD Technical Analysis British Pound US Dollar

     

    The pair even broke the 1.3600 support area and traded as low as 1.3587. It is currently consolidating losses with an initial resistance around the 23.6% Fib retracement level of the last decline from the 1.3785 high to 1.3587 low.

     

    There is also a crucial bearish trend line formed with resistance at 1.3640 on the hourly chart of the GBP/USD pair. The same trend line is close to the 38.2% Fib retracement level of the last decline from the 1.3785 high to 1.3587 low.

     

    Therefore, if the pair corrects higher from the current levels, it is likely to face sellers near the 1.3635 and 1.3640 levels in the near term.

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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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