It's our 19th anniversary!

Pound/Dollar: Expected Break in Trend Line

Hourly

The pound/dollar couldn’t quite pass the 45th degree. The euro/pound sent the pound to 1.52. Due to weak stats from the US, the pair restored to 1.5288, but it couldn’t manage to make it any higher. After Yellen made her speech, the rate fell to 1.5203.

On the forecast I’ve gone for a further fall since I believe that the weekly trend won’t hold. There’s one unsettling moment: the pound reached the lower limit of the channel (see Daily tab) and it could easily rebound before the weekend. So, we’ll have to wait and see what happens when Europe opens. Growth above the LB will cancel out any falling scenario.

Hourly Graph

Daily

The GBPUSD has returned to the lower limit of the channel and the trend line. Here it could either carry on falling to 1.50, or rebound for two or three days.

Daily Graph

Weekly

I’m wating for a break in the trend line.

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.

Back to top