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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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August 18 12:30 UTC Released

CACPI Common

Actual

1.4 %

Forecast

Previous

1.4 %

August 18 12:30 UTC Released

CACPI Trim

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1.3 %

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Previous

1.2 %

August 18 14:00 UTC 8888m

USCPI BoC Core MM

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Forecast

94.0 %

Previous

93.4 %

August 18 14:00 UTC 8888m

USCPI MM SA

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Forecast

113.3 %

Previous

113.4 %

August 18 14:00 UTC 8888m

USCore CPI MM SA

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Forecast

81.0 %

Previous

80.5 %

August 18 14:00 UTC 8888m

USCPI Median

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Forecast

Previous

2.6 %

August 18 14:00 UTC 8888m

USCPI Trim

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Forecast

Previous

2.6 %

August 18 14:00 UTC 8888m

KRU Mich Conditions Prelim

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Forecast

113.3 %

Previous

113.4 %

August 18 14:00 UTC 8888m

KRU Mich Expectations Prelim

Actual

Forecast

81.0 %

Previous

80.5 %

August 18 14:00 UTC 8888m

GBPSNB Ex Banks GBP

Actual

Forecast

Previous

2.6 bln GBP

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