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Pound/Dollar: Expected Fall from LB


Yesterday I expected to see a rebound to 1.5110/15. The pound/dollar bounced to the LB at 1.5127. From this line on my forecast I’ve gone for a weakening of the pound to 1.5030. It could go even further down, but the economic calendar is empty, so I’ve limited it to 67 degrees.


The GBP has rebounded from the support (projection from 1.5229-1.5164-1.5106 minimums). Today the sellers are going to have a decisive day since the oscillator stochastic has flipped downside up without the rate falling. We could either see it flip into a correctional phase for a few days, or a renewal of the minimum at 1.5026.


There’s a mistake on the graph: the minimum should be 1.5026. I expect to see the pound at 1.4565 by the end of the year, but for now the closest target is 1.4900.

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