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Pound/Dollar: Expected Rebound from Daily Trend Line

Hourly

My expectations of yesterday for the pound didn’t come off. The euro/pound cross pushed the pound to the 315th degree with its growth. I’ve not seen anything like how the pound fell to 315 degrees without a rebound for a long while. What usually happens is a fall to the 135th and then a rebound by 45 degrees.

The second attempt is to assess the correction. The euro/pound cross is trading by the U3. I think that the cross will see a recoil, and due to this the pound/dollar will correct upwards to the LB from the daily trend.

Hourly Graph

Daily

The recoil didn’t come off. The sellers broke the 15th September minimum. The road to 1.5184 is open. Today I’m awaiting a rebound to 1.53.

Daily Graph

Weekly

The pound reached the trend line. It’s highly likely that it will be broken on Friday.

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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