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GBP/USD Testing 50-EMA Ahead of Major Data

12 July 2017 03:03 PM BDT
GBP/USD Testing 50-EMA Ahead of Major Data

FxGrow Daily Technical Analysis – 12th July, 2017 By FxGrow Research & Analysis Team GBP/USD Testing 50 EMA Ahead of Major Data GBP/USD extended the selloff wave since yesterday with 113 pips value loss, landing in 1.2810 low for now. The pair tested daily 50 EMA at 1.2820 with failure and in case market closing below, signs of bearish momentum will persist. MPC member Broadbent crossed wires yesterday with a dovish stance hinting for many current obstacles facing UK economic outlook, being inconsistent with Carney's recent hawkish speech, hence a negative wave still evolves for the cable. Fundamentally, the pair awaits major inflation reports shortly with two possible scenarios. A negative data will add more ... For more in depth Research & Analysis please visit FxGrow. 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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