GBPUSD
The pound took a dive from EMA200 at 1.556-1.557 to reach EMA100 at 1.543. It hit EMA100 and now is hovering at that level.
The next major news is 1630SGT UK Trade Balance. The news may subject the pound to continue its downward movement, expecting a weaker report. Support is at 1.540 or EMA55.
Of course G7 is meeting and the expectation is that monetary policy will be used. Rates will continue to be kept low, flooding the market with easy money. The stock market has moved up with DOW staying above 15000, so are the Euro markets.
The pound is now at the Fib support line.
CCI is down and has yet to show sign of reversal.
I expectation is for the support at 1.54 with a potential for a short reversal up ward towards 1.55 EMA200.
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