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FxWirePro: BTC/GBP hovers around 90-EMA, caution advised as bitcoin scalability debate takes centre stage

BTC/GBP plunged to 761 levels on March 18 and has currently hovering around 90-EMA at 830 levels (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 899.50

Kijun Sen: 923

Overall trend appears bearish for the pair: RSI(14) is at 38, bias lower; and the MACD line is below the signal line. The stochs are now in the oversold zone.

On the upside, immediate resistance is seen at 831.63 (90-EMA) and a break above would see it testing 886 (5-DMA)/900.

On the flipside, the pair is likely to find support near 805.51 (100-DMA) and a break below would drag it to 761 (March 18 low)/716.37 (78.6% retracement of 616 and 1085).

Traders are advised to maintain caution as bitcoin scalability issue takes centre stage with a group of nearly 20 exchanges has released contingency plans in the event that the bitcoin network splits in two, creating two competing currencies.

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2017-03-23 08:00:49
0m

March 23 07:45 UTC Released

FRBusiness Climate

Actual

104 %

Forecast

107 %

Previous

107 %

March 23 07:00 UTC Released

TRConsumer Confidence*

Actual

67.8 %

Forecast

Previous

65.70 %

March 23 09:30 UTC 7979m

GBRetail Sales MM

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Forecast

0.4 %

Previous

-0.3 %

March 23 09:30 UTC 7979m

GBRetail Sales Ex-Fuel MM

Actual

Forecast

0.4 %

Previous

-0.2 %

March 23 09:30 UTC 7979m

GBRetail Sales YY

Actual

Forecast

2.6 %

Previous

1.5 %

March 23 09:30 UTC 7979m

GBRetail Sales Ex-Fuel YY

Actual

Forecast

3.1 %

Previous

2.6 %

March 23 11:00 UTC 169169m

GBCBI Distributive Trades

Actual

Forecast

5 %

Previous

9 %

March 23 12:30 UTC 259259m

USJobless Claims 4-Wk Avg

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Forecast

Previous

237.25 k

March 23 12:30 UTC 259259m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

241 k

March 23 12:30 UTC 259259m

USContinued Jobless Claims*

Actual

Forecast

2.035 mln

Previous

2.030 mln

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