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British Pound Rate Able to Rebound to 1.48

On Friday the pound/dollar rate continued to fall and reached 1.4698. Traders are selling the pound in response to the Governor of the Bank of England’s Carney’s Thursday announcement in which he stated that there’s no current need to raise interest rates.

Over the hourly period, the pound took back 58 points to 1.4755. The economic calendar is empty, so I expect there’ll be a return to the LB line. If it happens on the European session then it’ll be at the 1.4833 level, if on the American, then at 1.48. According to the AO indicator, downward movement hasn’t finished, so by my analysis the GBPUSD will close around 1.4756.

On the weekly graph the closest target is 1.4345. On Monday I always look at Friday’s movements; the first test of 2013 limit will be false.

23 March, 06:54 (GMT+3)
Expect Euro Drop to 1.0687

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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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