XM.COM Weekly Forex Review – Nonfarm payrolls clear way for Fed rate hike – 02/12/2016
Buz Investors XM.COM Weekly Forex Review Watch our ”Weekly Forex Review and Outlook” to catch up on the past week’s main events and their impact on major currencies and also find out what important economic data will be coming up in the future.
major currencies: (EUR-USD) (USD-JPY) (GBP-USD) (USD-CHF), (USD-CAD), (AUD-USD)
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XM.COM Weekly Forex Review
GBPUSD rally fails to break 1.2700
GBPUSD had a strong bullish run this week to come close to the key 1.2700 level on Thursday but failed to break above it. Momentum is improving as RSI is above 50 and is rising so there is a possibility of further upside to target resistance at 1.2732 upon a sustained break above 1.2700. This resistance level is the 50% Fibonacci retracement level of the September to October downleg from 1.3400 to 1.2025. If the market holds above this level to rise to the 61.8% retracement at 1.2898, this would result in the formation of a bullish market structure in the short term. Continued strength would open the way towards the key 1.3000 level.
If prices fail to sustain upside momentum and turn back down, then immediate support lies at 1.2500 and then the 50-day moving average at 1.2440 would provide support. Further downside could see a dip towards the 1.2300 – 1.2360 support area.
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