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Pound Rally Slowing

Hourly

On Thursday the pound renewed its maximum at 1.5929. The growth of the pound has stopped at the 180th degree by the U4 line off the trend. The price on the currency won’t be there for long since any wayward stray from the balance line always comes back.

On the American session the pound/dollar corrected to 1.5848 (-81 points). The current rate is 1.5880. The basic scenario which I’m looking at is a fall to the 90th degree to 1.5804. I believe that after a 9-day growth, it will be a usual correction. It’s also worth looking at the daily graph (see other tab). The pound has broken from the resistance (line H1,5538-H1,5813). But it won’t break the 50% level. Now to the Daily tab.

GBP/USD Hourly Graph

Daily

The pound has broken from the resistance (line H1,5538-H1,5813). It won’t break the 50% level. Today will be a significant day for the dollar since it’s the close of the week. A close above 1.5735 will indicate the readiness of the pound to keep going higher.

GBP/USD Daily Graph

Weekly

The 50% level is holding the pound back from growth at the moment. The dollar came under pressure after J. Yellen gave a speech and so far hasn’t been able to set itself straight.

GBP/USD Weekly Graph

19 June, 11:17 (GMT+3)
Grexit Unlikely

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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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