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Forex: Pound Pairs Top Candidates for Big Friday Moves

Forex: Pound Pairs Top Candidates for Big Friday Moves

2013-10-25 01:03:00
John Kicklighter, Chief Currency Strategist
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Talking Points:

• The 3Q UK GDP reading is due in the London session, opportune timing with GBPUSD threatening a break

• For the USDollar, a significant collection of support is likely to dampen trend development

• Pairs like USDJPY and AUDUSD may not offers the level of breakout risk as the likes of GBPUSD

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Heading into the final 24 hours of the trading week and with heavy-hitting event risk next week, major technical levels for the dollar and equities may hold. For the Dow Jones FXCM Dollar Index, a collection of support is seen around 10,365 while the S&P 500 is lurking menacingly at record highs. In turn, that may curb the AUDUSD's reversal ambitions and sabotage a USDJPY breakout. Yet, the pound may have a spark to overcome that anchor. The 3Q UK GDP release find GBPUSD in tight congestion, EURGBP setting up the foundation for a reversal and GBPAUD ready to tip the sterling back into a major fundamental trend. Continuation or reversal? Breakout or range? We discuss the scenarios in today's Trading Video.

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