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Technical Outlook Of GBP/USD, GBP/AUD & GBP/CAD: 17.11.2017

GBP/USD

gbpusd
gbpusd

GBPUSD’s recent break of ascending trend-channel resistance signals the pair’s readiness to again confront the 1.3335-40 horizontal-line with 1.3270 & 1.3300 acting as intermediate halts. Should the pair manage to surpass the 1.3340, it can quickly rise to 1.3380 & 1.3410 ahead of aiming the 1.3450 & 1.3470 resistances. If overbought RSI nullify the latest breakout by dragging the pair beneath 1.3230, the 1.3180 and the 1.3135-30 may come-back on the chart. However, pair’s additional declines below 1.3130 could well be confined by channel-support mark of 1.3070, which if broken might fetch prices to 1.3040, the 1.3025 and then to 1.3000 psychological magnet. In case if sellers refrain to respect 1.3000 mark, the 61.8% FE level of 1.2945 could gain attention.

GBP/AUD

gbpaud
gbpaud

Having gradually risen from the 1.6170-60 support-area, the GBPAUD ticked above more than a year-long descending trend-line figure of 1.7540; though, a daily close beyond the same is required for Bulls to target 1.7640-50 resistance-region, breaking which the 1.7800 seems a crucial upside number to watch. Given the pair manage to surpass the 1.7800, the 1.7930 and the 1.8000 round-figure may quickly appear as the quotes. Meanwhile, pair’s failure to offer a D1 close higher than 1.7540 could trigger its pullback towards 1.7500 and then to the 1.7365-60 supports. If the profit-booking stretches below 1.7360, the 1.7230, the 1.7090 and the upward slanting TL support of 1.7000 could flash in Bears’ radar.

GBP/CAD

gbpcad
gbpcad

Even after bouncing-off a two-month long ascending trend-line support, the GBPCAD’s present advances might find it hard to clear the 1.6980-85 horizontal-resistance, which if broken could further escalate the pair’s recovery to 1.7030, the 1.7080 and then to the 1.7110 ahead of challenging the early-month high around 1.7160. Should prices rally above 1.7160, the 61.8% FE level of 1.7340 could gain buyers’ attention. Alternatively, the 1.6790 and the 1.6690 TL can be considered as nearby important supports, breaking which 1.6615–1.6600 rest-zone comes into play. If at all the pair drops below 1.6600, the 1.6480, the 1.6430 and the 1.6360-50 can act as consecutive supports.

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Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire

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