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Daily analytical report (02/05/18)

Tomasz Wisniewski
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  • Since the middle of the April, the Cable has lost nearly 800 pips. What a drop! The first signs are starting to emerge that this could be too much and now there’s time for some take profit action. GBPUSD reached a combination of two super important supports:  the long-term upwards trend line and the horizontal one on at 1.359. First reaction here is bullish; so we can experience a further upswing aiming at least at the 1.375 resistance.
  • GBPJPY is not so optimistic about a further rise. Here, the price broke the 150.50 support before successfully testing it as the closest resistance. We also managed to deny the bullish flag, which triggers here a legitimate sell signal.
  • Last up is gold, which is defending the ultra-important support around 1,307 USD/oz. This area has been containing the price for the whole of 2018 so a breakout could trigger a very strong sell signal. So far so good, but buyers have to be very careful. On the other hand, the bounce from this place will trigger us a great buying opportunity with an attractive risk-to-reward ratio.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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