victoriajensen
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GBP/USD is testing the resistance at 1.3270 of the sideways consolidation yet again. A breakout above that level could lead to a further move to the upside towards 1.3340.
Hope you didn't trade on that.
Anyway since last Friday everyone was really excited about the expected MPC rate decision, pushing cable up two cents. Then, when it happened very much as expected, they remembered what was actually going on in the economy and pushed it straight back down again. Case of hysteria? Like getting excited for Christmas but not having any plans for what you are going to do when it arrives?
victoriajensen
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No, I didn't trade that, I try not to trade before major fundamentals.
As it is, despite the sharp move to the downside it still hasn't broken out below the support at 1.3030. The fundamentals tomorrow may give it the necessary push to do that.
As it is, despite the sharp move to the downside it still hasn't broken out below the support at 1.3030. The fundamentals tomorrow may give it the necessary push to do that.
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arigoldman
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GBP/USD fell off a cliff yesterday, but today it managed to hold on around 1.3070-1.3080. The pair seems to have found some support.
Wrong again. At least you wouldn't have traded it.
Pound / dollar had a strong bearish momentum yesterday, after failing to break above the key resistance of 1.3330, reaching a bottom at 1.3042. The commercial signals are bearish for testing the daily EMA 200, located in the 1.3000 area. This region remains a good place to buy with tight stops, as a clear break and a daily / weekly closure below 1.30 will stem the main upside trend with a potential downside reversal scenario. The closest resistance is seen at 1.3135, whose breakthrough can take the price to a neutral zone with testing at 1.3200.
The British pound was up against the US dollar on Friday. By the close of US trading, GBP / USD is trading at 1.3077, gaining 0.13%. I believe that support is now at around 1.3040, the low of today's trading, and resistance is likely at the level of 1.3321 - the maximum of Wednesday.
victoriajensen
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GBP/USD bounced off from 1.3030 again and the pair formed a double bottom at that level. There will likely be a new move to the upside towards 1.3300.
The British pound recorded a neutral session against the US dollar on Tuesday. The currency pair opened at 1.3169 and the pound lost only 4 pips. Daytime extreme values were reached at 1.3177 and 1.3108 respectively. If the bullish trend of the last few sessions persists, there may be a break in the first resistance at 1.3260.
Pound/dollar was hesitant yesterday. The price attempted to decline, making a bottom of 1.3108, but closing higher at 1.3165. The signals are ascending in the short term for the testing of 1.3270, but the key resistance remains 1.3330. The closest support is 1.3130. A clear break below it could take the price to a neutral trading area with testing at 1.3075/50, but an important support remains 1.3000. Overall, I'm up.
arigoldman
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What caused the drop in Sterling today?
arigoldman
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The pair seems to be trading sideways.
victoriajensen
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GBP/USD is bullish and it will likely continue climbing next week. That said, for a further rally above the sideways consolidation to be confirmed it will have to break out above the last high at 1.3337.
The pound lost positions against the dollar on Monday. The British currency interrupted the positive impulse from Friday and collapsed. As a result, support at 1.3071 was broken. Short-term expectations remain in favor of the dollar. The session was opened at lower levels compared to the end of last week, with the trend predominantly bearish. After the bottom of the day was hit at 1.3061 the direction was changed and the final was set at a rate of 1.3114.
