The pound record decline against the dollar on Thursday. British currency ended the three-day growth and thus break of resistance at 1.3288 was postponed. However, the pair tested the level, topped the day at 1.3168 and if the Bulls again prevail, it will be overcome. The session started at a price of 1.3230, while the pound lost 41 pips by the end of the day.
Next week will be a Dollar rally week. Expect GBPUSD to return to 1.31 level or even deeper.
arigoldman
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Let's see what the week brings, this week was intense.
victoriajensen
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GBP/USD has formed a double bottom above the support at 1.3060. It is very likely we will see a retracement towards 1.3100 - 1.3130 first.
BNP Paribas is short in pounds and wait for 1.24
Short positions in the pound came under pressure in recent weeks after the release of data on retail sales in July in the UK and unemployment figures, that were better than expected. Concerns about the consequences of Brexit began to weaken, analysts say.
However, BNP Paribas remain bearish in pounds. In the short term the bank believe that GBP/USD will move to 1.24. Economists from the French bank continued to expect, that economic activity will decline in the third quarter, even if the economy avoid the worst scenario of Brexit.
On Tuesday released data also supported the outlook for the weakness of the economy: consumer and mortgage loans came out weaker, than expected, analysts say.
Short positions in the pound came under pressure in recent weeks after the release of data on retail sales in July in the UK and unemployment figures, that were better than expected. Concerns about the consequences of Brexit began to weaken, analysts say.
However, BNP Paribas remain bearish in pounds. In the short term the bank believe that GBP/USD will move to 1.24. Economists from the French bank continued to expect, that economic activity will decline in the third quarter, even if the economy avoid the worst scenario of Brexit.
On Tuesday released data also supported the outlook for the weakness of the economy: consumer and mortgage loans came out weaker, than expected, analysts say.
The British pound continued to rise against the dollar for the second consecutive session, overcoming its recent narrow range. The pair added 131 pips to a closing price of 1.3266, which was a one-month peak. Consolidation of current levels and confirmed break of 1.3270 will take the GBP/USD higher. Otherwise the price will test 1.3160.
Unexpected disappointing NFP led the pair above 1,3270. Currently the pair is trading at 1,3345.
Agreed
victoriajensen
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There is a shooting star candlestick on the daily time-frame below the resistance around 1.3350 - 1.3370, so we might see a retracement soon.
Pound/dollar was up yesterday, breaking above the resistance 1.3370 and topped at 1.3444. Expectations are up for testing key level 1.3500, a clear break above it may not only interrupt the downward phase after Brexit, but also to become an early signal of bullish reversal scenario. Support for the day is seen at 1.3370, whose breach could lead price to neutral trade zone testing 1.3300.
The British pound registered an increase against the US dollar on Tuesday. The pair added 136 pips at a closing price of 1.3437. Price managed to break the first resistance at 1.3355, while daily extremes were reached respectively at 1.3296 and 1.3444. The outlook remains positive and the possible test of the next resistance is at 1.3480.
