GBPUSD: The cable was rejected at an interesting trendline (below chart). Medium-term resistance zone seems between 1.4350-1.4500 it’s 50.0 fib reaction (1.7190-1.1824). We believe 1H 2018 range remains between 1.4500 and 1.3500.

As shown in the below chart the weekly price action trading in a falling wedge. Intraday resistance seems at 1.4000 and 1.4070. New Chair Powell testimony and UK manufacturing PMI survey cast the trend.

Also read: Global economic calendar

Majors FX overview

Weekly resistance seems at 1.4150 (below chart) above this target 1.4280-1.4300.

Weekly range: 1.4150-1.3730

Support finds at 1.3800 and 1.3730.

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

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