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Pound/Dollar: Fall Expected During European Trades

Hourly

In the euro review I wrote about what I think caused the dollar to fall against the key currencies. The pound/dollar is back up to 1.5256. At 11:30 EET, the UK is publishing manufacturing and industrial production values for August. These reports could cause fluctuations on the pound of between 50 and 60 points. In my forecast I’ve gone for a fall to the LB. If the price of oil heads up, the USDCAD will head downwards and everything else will follow it, as had happened yesterday.

Hourly Graph

Daily

On the weekly, the pound is trying to break from the support.

Daily Graph

Weekly

The sellers have won back all of their losses from the payrolls. The pound is again under pressure from UK stats. A break in 1.51 will see the pound’s fall hasten.

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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