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Pound Strengthened Against Dollar on Euro Growth

Hourly

By Tuesday’s close the pound/dollar had grown to 1.5366. On the European session the pound strengthened against the dollar due to strong PMI data. On the American session, it followed the euro rising. This euro growth throughout the market was caused by data on consumer inflation in the Eurozone and also due to talk of Greece’s creditors coming to a final agreement about how the conditions to which the country will receive financial aid.

The pound/dollar rose to the 135th degree. The pair is trading around 1.5353. I didn’t make a forecast since the euro jumped to the U5 and today the ECB will convene. Then Mario Draghi will give a press conference. The euro jumped so much that it could return back to where it started. What concerns the pound at the moment: it’s better to be a spectator.

Daily

The pound/dollar broke its interim support. If we take the downward canal as the price range, the pound could return to 1.5407 if it has sustained growth. The upper limit of the downward canal is the trend line. Today’s movements on the pound will depend on the euro.

Weekly

Pound/dollar bounced to the 45th degree. The weekly indicators are heading downwards, so keep an eye out for the downward reversal of the daily indicators. The important thing here is not to get caught short in your purchases.

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