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The GBP/USD fell by roughly 200 pips last week, threatening the recent bullish outlook on the market. The bullish outlook would be valid only as long as the accumulation territory at 1.5650 is not broken to the downside. Once the accumulation territory is breached to the downside, the outlook would become bearish – an event that is more likely this week. This would also affect other GBP pairs.
EUR/USD: There is already a bearish signal on this pair, though there is a formidable barrier to the bears’ interest at the support line of 1.1150. A break of that support line would enable the price to go further southwards more smoothly.
USD/CHF: This market has the propensity to go upwards, which would become possible in case the EUR/USD goes further downwards. There is a stubborn resistance level at 0.9400, which the bulls need to breach in order to maintain the existing dominance.
GBP/USD: The GBP/USD fell by roughly 200 pips last week, threatening the recent bullish outlook on the market. The bullish outlook would be valid only as long as the accumulation territory at 1.5650 is not broken to the downside. Once the accumulation territory is breached to the downside, the outlook would become bearish – an event that is more likely this week. This would also affect other GBP pairs.
USD/JPY: This is currently a persistent sideways market which has been going on for a few weeks. There is bound to be a break above the supply level at 124.50 or below the demand level at 122.50. On the USD/JPY, there would be a great directional movement in July 2015 (and most probable in direction of bears).
EUR/JPY: The EUR/JPY is a bear market, and since the bearish signal has been formed, the market has been going in a sideways movement. However, there could be a significant movement today or next week. The fundamental events in the Eurozone could cause a great impact in the market; plus the situation of the Euro would be the greatest determinant of the movement on this cross.
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
