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FxGrow Daily Technical Analysis – 10th October, 2017

Oct 10 2017, 07:09 AM (CDT) | FxGrow.com

FxGrow Daily Technical Analysis – 10th October, 2017
By FxGrow Research & Analysis Team

GBP/USD Surpasses 50-EMA Over Upbeat Manufacturing Production Data


GBP/USD extends the recovery for the third consecutive session rallying from 1.3027 low on Friday, clocking 1.3198 high today after receiving a positive push by Manufacturing Production at 0.4% while expectations placed at 0.2%. On the other hand, the U.S Dollar continues to show weakness since Friday, dipping to to 93.21 low today, giving the Pound a wilder tone.

Technical Overview GBP/USD

Closing Price: (1.3140)

Target: 1.2956?

Resistance levels: 1.3168, 1.3220, 1.3290*

Support levels: 1.3130, 1.3027-, 1.2986

Trend: Down

Trend Reversal Price: 1.3290

Comment The market is short term bearish and a close under 1.3130 warns for pressing selloffs to 12986. Monday's rebound may carry over into today, but any corrections contained within last Thursday's range for 1-2 days should bear flag and keep the bear trend forces intact. A close over 1.3290* is needed for a short term bottoming turnaround.

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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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FxGrow is an international online brokerage firm under the brand name of Growell Capital, catering the needs and interests of investors. It’s authorized and regulated by the Cyprus Securities and Exchange Commission ("CySEC") as a CIF limited company with a license number 214/13. FxGrow operates under the EU Markets in Financial Instruments Directive (MiFID)