GBP/USD: Daily Technical Analysis For October 6, 2015

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Fundamental Analysis:

The Great Britain pound lost strength and trimmed gains against the U.S. dollar on Monday, after data showed that service sector activity in the U.K. expanded at a slower rate than expected last month, dampening optimism over the strength of the economy.

Research group Markit said its U.K services purchasing managers’ index fell to 53.3 in September from a reading of 55.6 the previous month. Analysts had expected the index to rise to 56.0 last month which weakened the currency.


Technical Analysis:

Initial bias remains on the downside as 21 and 55 EMA converges at the moment and a divergence to the downside is expected. Also SSRC and MACD oscillator is showing signs of more bearish momentum is to be continued in the pair and a retest of 1.5123/1.5088 demand zone is expected. A sustained break of 1.5088 low would bring further decline in the pair to 1.5041 weekly support.


Tomorrow investors would be taking a close look at USD Trade Balance.

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