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The pound rallying against the dollar on the sixth-straight trading session met our buying targets given on the Wednesday session (Nov 29). The cable made gains nearly a percent in Thursday session.

We forecast a bullish reaction at 1.3170 in mid-November and advised a buy trade at 1.3350 for 1.3500 and 1.3540. The cable made a high at 1.3548, hence take profit action required.

On the GBPCAD trade, we forecast 1.7300 in October (price was trading at 1.6960) again advised this week (Nov 29) for 1.7400 and 1.7530. The cross is trading at 1.7445 (6.30AM AEDT) rose more than1.10%, we recommend taking profit.

GBP crosses levels to watch

  • GBPCAD: 200EA (weekly) 1.7485> 1.7590 a parallel resistance and 1.7615 it’s 100MA (month)
  • GBPNZD: 200MA( weekly) 1.9840 > 1.9920 50MA (month)
  • GBPJPY: Mid-Sep high was 152.85> 153.60 it’s 200EA (weekly) and 154.90 it’s 161.8fe (146.95-151.95-146.95)
  • EURGBP: 250MA @0.8740. Earlier swing lows at 0.8740-0.8730. We believe the price likely to hold the support zone 0.8700-0.8740 in the near term. The 61.8% fib reaction finds at 0.8690 (0.8312-0.9300 rally)

 

It is important to always keep in mind the risks involved in trading with leveraged instruments.

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