Author: Greg Michalowski

Speech ends and the price rebounds back above its support turned resistance levels

The UK PMs speech finished and the selling seen through her speech was reversed. The price moved back above the 100 hour MA (at 1.35273) and sellers turned back to buyers. The 100 bar MA on the 5-minute chart has stalled the rally so far.


As mentioned earlier, there is a lot of "stuff" going on and that stuff extends into the weekend.  As the market works its way through the day to the close, traders will take shots. Moving below the 100 hour MA was bearish, but failing to extend to other targets and moving back above the 100 hour MA is not bearish but more bullish.  That's trading. That's the risk in a day like today.

If you do trade, pick your spots to get in at technical levels.  Target levels in the direction of the trade. If they work, great. If they fail, get out.  The 100 hour  (and the 1.3532 level) were key levels for bullish or bearish bias today and remains so.  

Since we are back above, the 100 and 200 bar MAs at 1.35617 and 1.35701 respectively are targets to get to and through followed by the close from yesterday at 1.35793.  Get above them and the pair will look toward the high for the day and the 1.3600 level. 

A move below the 1.35274-32 area is more bearish - again.

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Author: Adam Button
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Why'd we sell cable again?

The market has second thoughts There are some second thoughts going through the cable market at the moment as it rebounds to 1.3561 from as low as 1.3488 as May was speaking.

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Author: Greg Michalowski

Forex technical analysis: GBPUSD falls below support levels

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Author: Greg Michalowski

US stocks are a bit lower in early trading

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Author: Greg Michalowski

Forex technical analysis: GBPUSD trades above post-Brexit swing highs before UK's May

May makes Brexit speech in Florence As the market await UK PM May's speech in Florence, the pair is trading nearer highs for the day.  The high for the day today has extended to 1.3595. The NY session high reached 1.3586 so far.  The low for the day stalled at 1.35366 in the London morning session.  The 59 pip range is well below the 22 day average of 112 pips. The market is waiting. 

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Author: Adam Button
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Theresa May to raise possibility of leaving EU before March 2019 - report

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Author: Adam Button
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Watch live: UK PM Theresa May to ask for Brexit transition period

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Author: Greg Michalowski
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Canada retail sales for July 0.4% vs 0.2% estimate

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Author: Adam Button
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Canada August CPI +1.4% vs +1.5% y/y expected

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Author: Adam Button

Canadian inflation and retail sales data coming up next

Canada August CPI due next Canadian headline inflation is expected to climb 0.2% m/m and 1.5% y/y in numbers released at the bottom of the hour. That's a pickup from a flat monthly reading a 1.2% y/y rise in July.

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US Fed's Williams says he supports a gradual rise in interest rates

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