All reviews

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.

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.

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.

Leave your comment