The buyers have been battling it out with the sellers for a while now, but the time has come to concede due to the sharp euro fall after Draghi’s speech. The dollar headed north above its competitors and in doing so closed up. Draghi devastated the eurobulls, so the euro/pound looks to be pound-worthy for the meanwhile.
I’ve made a forecast for up to 15:30 today. At this time the Non-farm Payrolls will come out in the USA. The numbers are expected to be good, but they are often unpredictable and volatile with the Yanks constantly reassessing the figures. Where the pound goes at 15:30 will be dependent on the direction and by how much the forecast for the payrolls differs from reality.
The GBPUSD was down to 1.5218. My target of 1.5230, along with the support, has been reached. The new target is 1.5110.
After a break in the channel, the pound almost reached 1.52. As soon as it hits 1.5169, the roads to 1.5110 and then to 1.4590 will open up.