Fx Promo Daily Analysis Day 1-11-2016

Chart 1
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GBP/USD remains confined within a short-term trading range, forming a rectangular chart pattern on 4-hourly chart, and is now heading back to the top end of trading range resistance near 1.2250 area. On a sustained move above this immediate hurdle is likely to trigger a short-covering rally and lift the pair immediately beyond 1.2300 handle towards its next major resistance near 1.2330 horizontal area.

Alternatively, renewed weakness back below 1.2200 handle would reinforce range-bound price-action and could drag the pair back towards the lower end of the trading range support near 1.2150, with 1.2200-1.2190 area acting as intermediate resistance. A convincing break below 1.2150 support, leading to a subsequent weakness below 1.2100 handle, would confirm a break down and turn the pair vulnerable to aim back towards retesting flash-crash support near 1.2000 psychological mark.

Chart 2
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FTSE: Nothing has really changed

SUPPORT: 6945/37 6920 6890 6845 6800

RESISTANCE: 6995/99 7020/22 7065/67 7100 7122 7164

Nothing has really changed...and after which looked like a stronger opening the market stayed in the bearish direction closing just at the 6955 area...short term we have support to 6920/6917 from last week...will the market try and push lower....yes...no reason why not...the US dosnt look strong at all and with Europe close today there might be a lot of trend followers out there looking to the US for direction...The US has its own problems and has been looking weaker than Europe..However we cannot ignore what the charts say and for the moment there is more indication that we want to trade lower than higher....Any recovery is looking to be short lived...and unless above 7022 there will be no reason to buy this only reasons to sell....

Also a break below 6915 would activate further selling pressure leaving the target area of 6845/6800 still targeted

Chart 3
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EUR/USD
Uptrend is still intact in a triangle configuration. It should continue to rally to 1.0998 or 1.0999 if support around 1.0968 hold. After which a pullback to 1.0968 - 1.0956 zone is possible.

EUR/JPY
Our preferred outlook is for a drift down to 114.785248 or below 114.552155. Resistances are at 115.018333 and 115.027374. A rise above 115.260468 would delay but not abort this expected fall.

GBP/USD
It should trade higher to 1.2278 while 1.2211 or 1.2192 offers support. Stop loss below 1.2173 zone.

GBP/JPY
It should try higher up to 128.373291 - 128.683075. Entry point 128.063492 or 127.846504. After this rise, a correction is expected.