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GBPUSD - Consolidates around Key 1.27 Level as Boris Johnson Hardens His Brexit Position

 

 
For the last few days the GBPUSD has eased ever so slightly away from a one month high near 1.28 but in doing so, has just returned to the key 1.27 level which has accommodated the sterling now for the last month. It did fall away down to 2019 low close to 1.25 a week or so ago however it also rallied strongly and returned to the 1.27 level just as quickly. For the last month now, the GBPUSD has been content to trade very little and consolidate right around the key 1.27 level.
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Valutrades Market Blast 18 June 2019

Welcome to this week’s Market Blast.

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GBPUSD - Consolidates around Key 1.27 Level as MPs Reject 'No-deal' Brexit

 

 
For the last week or so the GBPUSD has been content to trade very little and consolidate right around the key 1.27 level. It had done well a week or so ago to rally a little and get its head back above the current key level of 1.27 after having fallen to its lowest level this year below 1.2560. Significantly through most of May, the GBPUSD fell sharply from the key level at 1.32 down to the five month low before rallying recently.
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GBPUSD - Trades Around Key 1.27 Level after PM May’s Resignation

 

 
In the last few days the GBPUSD has done well to rally a little and get its head back above the current key level of 1.27. In the last few weeks the GBPUSD has fallen sharply from the key level at 1.32 down to a five month low near 1.26 before rallying to finish last week. 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.
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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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