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Pound/Dollar: Expected Return to LB

Hourly

On Monday the pound/dollar rose to 1.5287 due to euro sales in the euro/pound cross. Trader activeness on the American session was low due to the state holiday in the US and Canada. The growth continues today in Asia. At the moment, the pound/dollar is trading above 135 degrees, at around 1.5367. I didn’t bother re-doing my forecast. The target on it has been re-fulfilled. From the U3, I’m expecting a correction towards the LB.

Hourly Graph

Daily

The GBP/USD has broken from the support and is currently heading back to 1.5367. For now the price is trading just below 1.5436; we’re talking about a correction.

Daily Graph

Weekly

The weekly candle closing above 1.5439 will cancel the 1.5110 target before the FOMC convenes.

Weekly Graph

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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