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Hello Traders good to be back with you we had some very strong data out of CNY in the Asia session and the Aussie also had data. 09:33 [USD/CNY] China Merchant Bank: PBoC may weaken Yuan by over 5% – Today’s fixing rate suggests risk of economic hard-landing may have risen- PBoC may use Yuan depreciation to stimulate economy- A RRR cut is expected – Source do to this the markets reacted very strongly and we will have to see how this works out for the rest of the trading day, this moved pairs up to 70 pips in seconds in the Asian session today. OK let us look at the GBPUSD- This is the 30 minute chart.This pair continues to be now be in a nasty range so we have to trade what is in front of us and that is that we are bullish at the moment and this pair has been all over the place. So today I have placed a Fibonacci on the chart and looking for a 61.8 pullback and a bullish candle to take this to the long side at price level 1.5554. I am looking to take profit at the resistance area on the chart at price level 1.5603.
Thank you traders and talk soon…. William

FX Instructor Forex Blog – For Traders, By Traders

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