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May 02

TECHNICAL ANALYSIS BY NSFX 02.05.2015

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High:  Low: 

The rate rose to test its 200SMA and made a double top; just above that level there is a resistance at 1.5540, the rate 3 month high.  A 340 pips retracement was triggered when sellers went in control and GbpUsd might test the key area 1.4970. It is an important level because there is a static support and then just above there are both the 21SMA and the 55EMA. Beneath this are would be likely a test of the 2015 low 1.4565. A breakout above 1.552 will create conditions for long momentum trading with target 1.6. The pair left in the Relative Strength Index the overbought area and now is at 54.91.

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