GBP/USD: Daily Technical Analysis For February 19, 2016

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The GBP/USD rallied during the London session to as high as 1.4393 but met resistance at weekly support 1 during the U.S session with a bearish hammer and engulf price action indicating an ignition for sell off is expected. Further decline for a retest of weekly support 2 at 1.4250 is expected, as 21 and 55 EMA on the hourly chart also supports the overall bearish trend is still in play.


Tomorrow investors will be paying close attention to the GBP Retail Sales and USD CPI economical data.


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