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Pound/Dollar: V-Shaped Patten Expected on Hourly

Hourly

The pound fell after the BoE’s minutes were published and then it renewed to 1.5370 after the FOMC’s minutes were out. Before the weekend and for today, I’m going to go for a similar pattern, just with a little less amplitude. Where today closes is important for the weekly graph. If the pound/dollar closes above 1.5370, a false break in the trend will be recorded on the weekly.

Hourly Graph

Daily

Due to oil prices increasing and the FOMC’s minutes, the pound/dollar continued its growth. Yesterday I wrote that a W-shaped pattern with 1.5164 and 1.5106 bottoms has formed. The target for it is 1.5500 (punctured line).

Daily Graph

Weekly

The price has headed above the line. If the day closes above 1.5370, a break in the trend line will be cancelled.

Weekly Graph

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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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