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Pound Remains Under Pressure

Hourly

On Monday the sellers sold the pound all the way to 1.5169 on the basis of weak PMI data in the UK and strong ISM in the USA. Now we’re waiting for the release of the PMI in the construction sector. This is putting real pressure on the pound. Then the focus will switch to the PMI in the British service sector (Wednesday) and the minutes from the Bank of England’s meeting (Thursday).

The pound/dollar is trading around 1.5204. Taking into account how the pound fell over the past 4 days, I reckon that it will return to the 45th degree and renew its fall. My target for today is 1.5145. A growth higher than 1.5255 will cancel out the scenario.

GBP/USD Hourly Graph

Daily

The pound/dollar rate fell to the interim support but there’s still a reserve left for a further reduction. If you’re looking for a recoil, then it’ll be from 1.5134.

GBP/USD Daily Graph

Weekly

The pound/dollar fell to 1.5169. The 45th degree was reached. From here a correction could start. If we go lower, the next target is 1.4883 (67th degree).

GBP/USD Weekly Graph

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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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