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Pound Could Repeat Rebound From LB

Hourly

On Wednesday the pound/dollar rate corrected to the balance line from which the price slid to 1.5300. Pressure on the pound came from the euro/pound cross after information came out about positive developments regarding Athens coming to an agreement with its creditors. European officials refuted this information and the pound partially recovered.

The pair is now trading around 1.5357. According to the forecast today I’m considering a double bottom. A reverse daily candle has formed on the euro/dollar and so there was a rebound from the trend. Due to this, the pound/dollar is unlikely to be the one to head downwards.

The event of the day will be the publishing of reassessed UK GDP values for Q1. If the reassessment will be 0.2% away from the forecast, it’ll cause fluctuations for all pound pairs. This data will be out at 11:30 EET.

GBP/USD Hourly Graph

Daily

The road is still as open as it was towards 1.5190/83. I’ve made downward channel. The price is at the lower limit. Perhaps there’ll be a consolidation over the next 24 hours.

GBP/USD Daily Graph

Weekly

Everything is the same here. Target for the pound is 1.5183 (45 degrees).

GBP/USD Weekly Graph

02 June, 08:01 (GMT+3)
Pound Remains Under Pressure

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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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