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Pound Reaching For the Support Around 1.54

Hourly

The pound is continuing to surprise me. Greece and the troika are messing with trader’s minds and the pound is falling even with positive statistics coming out of the UK. I don’t see any logic in the pound’s behavior. It makes sense that the dollar is rising throughout the market, but watch for how the euro will jump when the Greek problem is sorted (if it gets sorted) and how, in this instance, the pound will flop.

The target according to my forecast was reached and reached quickly. The pound/dollar dropped to the lower limit of the MA channel and is now correcting itself. As you can see from the forecast, today I’ve gone for a correctional movement towards the LB. According to the forecast, the minimum will be updated. However this may not be the case, since positive statistics on the pound have been ignored over the past few days. The trend line is broken on the daily: a signal to sell the pound. Although today I’m waiting for a correction after yesterday’s crash.

GBP/USD Hourly Graph

Daily

The pound/dollar has broken the trend line. For the next two days I’m sticking with a target of 1.5350.

GBP/USD Daily Graph

Weekly

The indicators are facing downwards, so the downward tendency will become stronger.

GBP/USD Weekly Graph

09 July, 08:56 (GMT+3)
Pound Returns to LB

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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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