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Valutrades Market Blast 21 May 2019

Valutrades Forex CFDs and Commodities

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GBPUSD - Drops to the Three Month Low Near 1.28 on PM’s Brexit Deal

 

 
In the last week or so the GBPUSD has fallen sharply from the key level at 1.32 down to a three month low near 1.28. It had previously done well to rally from a two month low up to the 1.32 level before sellers jumped in and turned the sterling away strongly. It spent around six weeks or so falling lower from a nine month high near 1.34 back down to the two month low before the rally, with that medium term trend now being extended with the recent decline. There are few signs of any support presently and even if it does rally a little, it faces possible further resistance at the 1.32 level again.
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GBPUSD - Surges Back Above 1.30 as Brexit talks take positive turn

 

 
In the last few days the GBPUSD has been able to rally and then surge higher to get back above the 1.30 level after it has spent the last six weeks or so falling lower from a nine month high near 1.34. In the last couple of weeks it has fallen steadily lower with very little signs of support so the last few days are slightly encouraging. In early March the GBPUSD fell sharply from an eight month high back down below the key level of 1.32 before rallying again and reaching a nine month high shortly afterwards. 
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GBPUSD - Remains Around Key 1.32 Level as Brexit Process Removed from PM

 

 
In the last couple of days the GBPUSD has been able to rally a little and keep within touch of the key 1.32 level where it spent most of the last few weeks trading around. In this same period the GBPUSD has increased in volatility but kept right around the 1.32 level. Several weeks ago the GBPUSD fell sharply from an eight month high back down below the key level of 1.32 before rallying again and reaching a nine month high a couple of weeks ago. 
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EURUSD - Rallies Back Above Support at 1.13 as Brexit Looms

 

 
In the last week or so the EURUSD has rallied well and return back above the current key level of 1.13 after dropping sharply to an 18 month low around 1.1175. It performed a similar rally several weeks ago moving back above the key level of 1.13 after having dropped to a then three month low below 1.1250, which moved it to a three week high above 1.14. In early February the EURUSD was sold off after running into resistance at the other key level of 1.15, as it maintains it trading range between 1.13 and 1.15. 
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GBPUSD - Remains Above Key 1.32 Level after Brexit Drama

 

 
The last week has seen a very volatile GBPUSD surge higher back above the key 1.32 level where it currently sitting on top of. In the week prior, the GBPUSD fell sharply from an eight month high back down below the key level of 1.32 before rallying again and reaching a nine month higher in the last few days.
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GBPUSD - Drops Through Key 1.32 Level as Brexit Faces Crucial Votes

 

 
The last week or so has seen the GBPUSD fall sharply from an eight month high back down below the key level of 1.32. The few weeks prior were significant as the sterling moved so strongly breaking through the key level for the first time in many months on its way to the eight month high. The fact that the 1.32 level didn’t provide much support may be telling as this level may now well provide some resistance should the sterling attempt to rally higher. 
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Hold on tight - EUR and GBP - Brexit volitility set to spike with crucial uk house of commons vote

 

Today 15th January 2019 at approximately 19:00 UK time voting will begin on Prime Minister Theresa May's much maligned Brexit deal.

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GBPUSD - Breaks Through Support at 1.27 as Brexit Future Unknown

 

 
In the last 24 hours the GBPUSD has fallen sharply to its lowest levels in almost two years as the strong support at 1.27 has given way to immense selling pressure. In the last week the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the last few months. As has been stated several times in the last few weeks, should the GBPUSD drop through the support at this level, then it could fall considerably further with no obvious support levels nearby.
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