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Pound/Dollar: Expected Renewal to 1.5055

Hourly

Instead of a flat at 1.5050, the sellers sent the GBP rate to 1.4956. The pound ended up defenseless before the BoE meeting and due to the unexpected fall in production in the manufacturing industry.

The pound/dollar rate fell by 76% from a growth from 1.4894 to 1.5158. According to the daily formation, such a fall won’t be critical for the continuation of growth, but the likelihood of the pound’s rise above 1.5158 has dropped markedly. The BoE will set it in stone on Thursday. If we look at the picture from the monthly to the daily, the tendency for the pound weakening is preserved. Today’s target is 1.5055.

Hourly Graph

Daily

The pound is still in a bear trend and trading inside the body of Thursday’s candle. There isn’t anything interesting at the moment.

Daily Graph

Weekly

The hammer is the main signal of this week.

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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