It's our 19th anniversary!

Pound/Dollar: Possible Growth with a Double Bottom

Hourly

On Tuesday the pound/dollar repeated Monday’s movements. The maximum was updated, there was a break from the LB, a rebound upwards and a sideways. Mark Carney gave a speech in the evening, but the market remained unmoved since he didn’t mention monetary policy.

What can we expect from today? The situation across the key pairs is still uncertain. Traders aren’t being very active before Friday’s NFP. I’ve drawn two bottoms. I believe that the buyers will try to force a double bottom + a break from the lower limit of the channel on the daily. If this doesn’t happen, it means that we will see a fall downwards to 1.5060.

Hourly Graph

Daily

The pound is continuing to trade near a strong support zone. If the buyers aren’t able to break away from it, the pound will shift to 1.50 and then to 1.47.

Daily Graph

Weekly

The pound/dollar is trading around 1.5163. We will see what the situation is after the NFP comes out on Friday. Strong NFP data will see the pound fall and weak data will see a return to 1.55.

Weekly Graph

01 October, 07:55 (GMT+3)
Euro/Dollar: Triangle on the Daily

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