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Pound/Dollar: Expected 60-70 point Range Sideways

Hourly

The pound/dollar renewed its maximum and fell to 1.5199 on the data. The pair is now trading beneath the LB. What can we expect today? From the LB with an MA heading downwards: we’re looking at a fall. At 11:30 EET, UK labour market data will be out. The data could make the pound swing and I wouldn’t be surprised if the pound heads back to 1.5370 if the data comes out strong. The news is more important than the technical side. On the forecast I’ve gone for a fall to 1.5222 and then a growth to 1.5285.

Hourly Graph

Daily

The pound/dollar fell below 1.5260 and the target is now down to 1.5442. The stochastic has flipped upside-down, so any fall in the euro/dollar would mean that this target would remain unreached.

Daily Graph

Weekly

The pound’s situation on the weekly is uncertain after the publication of the inflation data.

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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