Great day to all traders and speculators who are here in the forum!
Hereís the chart for the pound/dollar currency pair:
The pound rebounded from the local maximum at approximately 1.2380 and is presently declining towards the level of 1.23. If we discuss regarding the grounds for this decline, then most probably, there is a correlation with the euro/dollar pair, wherein the euro is under pressure as well. On the other hand, the government has intentions to challenge the decision of the court of Scotland to discontinue the work of the Parliament. However, it is not believed that this is a primary factor for the pound at this moment, which i s quite a technical decline and correlation with the euro. Thus, the pound is not expected to decline so much. What is possible is to see the level of 1.23 and a local breakdown, but to lose positions up to 1.22 and below is rather not possible and will likely stay in the current range. Nevertheless, if the pair moves upwards and break through the level of 1.24, then this will be a good signal to let us move to the range of 1.25-1.26.
I hope itís gonna be better today. Iíd like to continue yesterday's growing trend of the pound, however, this can still wait. On the one hand, we can see a pattern of levels being between the mandatory zone and the current liquidity ratio level.The price still needs to test these levels as the deals were open in the mandatory zone. But a growth by 2-=30 pips wonít be very satisfying. That is why Iím waiting for the price to reach the levels of 2306 and 2290 at the dayís lowest boundary. I see this as a maximum rise for now.
The price of the pound/dollar currency pair declined to the support level of 1.2287-1.2281 yesterday. In the meantime, based on the M15 chart, trading is happening under the middle Bollinger band found at the level of 1.2333. But then, the pound/dollar currency pair has been trading in a very narrow range of 1.2326 - 1.2334 for over three hours now. Therefore, the price of the pair is expected to break through the upper or lower horizontal line anytime soon. The Matrix Genesis indicator, as well as the Heiken Ashi Moving Average 20 are now providing signal to sell, while the impulse of the RSI and MACD is under the midline.
Forecast for the GBP/USD pair:
In case that the price of the pair gain a foothold under the level of support of 1.2326, then the price decline will resume to the following level of support which is the level of 1.2314, and even lower. In contrast, considering that the price of the pair closes over the level of resistance of 1.2341, it is then expected to resume to increase to the level of resistance of 1.2346 and below.
Today is the last day of the trade week, Friday 13. We can expect anything since the pound has been trading mixed. As for the levels indicator, the situation is repeated: the bulls have withstood the short-term deals but the price is still at the level of 2306. Before that mark, the balance indicator was set which has become the support level. The dayís low is at 2235 and this is my final target but itís unlikely to be reached today. The price is already in the mandatory zone at 2335-22 so the pattern may show up in the mandatory zone or at 2306. Then, the price is going either to my target or to a weekís high.
The indices look quite good after yesterdayís active trade when both daily boundaries were hit. In the end, the bearish trend prevailed. At least, the price passed the accumulation zone at 2339-31 which now serves as a barrier to growth. The low boundary is at 2298 and at the level of 2306 the price might cross it. The dayís high is at 2365. We can stay in this range for the rest of the day.
Yesterday, I closed my short deals and later opened a few. So it will be difficult to surprise me.
Price is hesitating to go down too strong and there is a sign of pause however, the main trend is still down so caution must be exercised if you want to take advantage of this. Remember, that my charts are always the daily time frame so there is enough opportunity to get from this opportunity...As we can see, the previous day candle closed headed southward. It goes the same for today, the current candle is also directed downward based on the 15-minute chart. Fixation of the price higher than 1.2845, I would look for the continuous growth or higher. In case a breakout occurs and fixes below 1.2805, then there is a chance for a decline and sell the pair down to 1.2765 or lower..t was expected to come at 53.9 points but it beat expectations and posted 54.3 PMI points. The surprise was due to the negative economy data that we have seen form the UK recently. Yesterday i saw the manufacturing PMI report which showed that this sector had lost one full point comapred to the previous month. The economic outlook from the Bank of England yesterday was not that encouraging as brexit worries prevailed...
Greetings to our fellow traders and speculators who are here in the forum!
Letís discuss about the pound/dollar currency pair:
Last Friday, the price moved the pound upwards without noticing the local resistance level, as a result, a bullish candle was formed on the daily chart. Now, for this day, the price of the pair is expected to move back either to the level of support found at 1.23813, or support level located at 1.22322, while the correction will resume to the level of resistance , which is located at 1.25583. From the mentioned resistance level, the formation of a setup that determines the further direction of trading will be observed.
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