Greetings to all traders and speculators who are here in the forum!
Here’s the chart for the pound/dollar currency pair:
The pound paired with the dollar gained from the dollar’s sale today and showed good upward movement, recovering the ground that was lost on Wednesday and returning to the levels above 1.2300. For the economic calendar, there is no data from the United Kingdom, and thus, we will still pay attention to the BOE and negotiations after Brexit. During the start of the day, Bank of England’s Monetary Committee, Michael Saunders, stated that he had nothing to add more regarding what Governor Bailey said about the negative rates. “I do not exclude negative rates, but this does not mean that I will definitely lead them,” Saunders added. On the Brexit front, Britain's chief Brexit negotiator, David Frost, said he hoped they could make some constructive progress at the next round of talks scheduled for the coming week, although he acknowledged there were some serious challenges along the way. On the hourly chart, the pound/dollar currency pair is held on the daily growth and is traded in the ascending channel, although the channel is still looking down on the day, but we can still reach the middle line of the channel.
The quotes are now trading at the sideways channel 1.2170-1.2350. It’s further direction is quite unclear, so the best option is to wait for a breakout in one of the levels, as it will clearly show the direction the pair will move in the trading chart.
If the quotes breakout and move below the support level of 1.2170, open sell positions with a profit to the next support level at around 1.2030, where the price will go on the trading chart.
Meanwhile, if the quotes go above the resistance level of 1.2350, the pair will move up to the next resistance level at around 1.2500, to which buy positions should be opened to gain profit in the trading chart.
The GBPUSD currency pair is showing positive dynamics and is trading at 1.2337. Technical indicators on the 4-hour chart indicate a likely growth: the Metro indicator lines are above the white line, the direction line is colored blue, the laguerre is rising above 0.45 and quotes are trading above the daily pivot. Resistance Levels: 1.2388, 1.2438. Support Levels: 1.2336, 1.2286. I consider long positions above the support level of 1.2286 with the target of 1.2388. An alternative scenario is relevant below the support level of 1.2286.
Hello everybody! The pound dollar currency pair started to grow yesterday, today the upward movement continues. At the time of writing this post price run up against resistance 1.2366, most likely today if we fail to break this level we decline to yesterday's low and if so will be, most likely will decline further next week with the target below the support 1.2069, which this week began strong growth. The second option is considered, if we do not break through 1.2366, but during the day today we can roll back to the daily level of 1.2300, and continue the sideways movement to the close of the day. The third option will be to cancel the growth, break through the support of 1.2300, and continue the decline by the end of the day today below the support level of 1.2189. A good signal for continued growth next week will be a strong growth today with a breakdown of the resistance level R3 1.2411, if we break through, then most likely in the next trading week we will fly up further to 1.2600.
During the EU session, the pair went on a pullback from the resistance level of 1.2350 with the target at 1.2300, for which the pair continues to trade at present. Observing the current situation, I assume a continuous growth and a breakthrough at the level of 1.2350. This level will open the pound to further growth and at least reach the 24th figure, which I will consider as my main goal for this day. Anyhow, shorts for the pair may be possible in case of a decline to 1.2260. If this happens, the downward trend will further continue towards 1.2200. Well, I wish everyone success today and good profits ahead!
GBPUSD Pair Break of 1.2363 temporary top suggests resumption of rise from 1.2065. Intraday bias is back on the upside for 1.2647 resistance. Break there will resume the rebound from 1.1409 to 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, however, below 1.2204 minor support will turn bias back to the downside for 1.2065 instead.
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