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Pound Trading in Narrow Range

Hourly

On Thursday after the NFP, the pound/dollar closed practically unchanged in comparison to Wednesday’s close. The range of the hourly candle during the payrolls was 78 points. The data came out contradictory and the reaction corresponded to this. The NFP was out on Thursday instead of Friday. At the weekend Greece’s referendum will take place. It’s difficult to make trading decisions with such events on the cards.

On Friday I’m looking at a flat till the day’s close. It’s a holiday in the US, so I’m inclined to believe there’ll be low market activity from the players.

Daily

The pound/dollar rate reached the 50% level of 1.5561. The minimum is fixed at 1.5561. What about a recoil? I think the sellers will try to pass the trend line on the back of Greece’s problems. If they don’t manage it, we’re looking at a subsequent rebound for the pound to the region of 1.5770/75. But not today.

Weekly

If the GBP/USD closes the week in the red zone, next week I will continue with my faith in the pound’s demise.

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