The pound/dollar pair is trading flat in the morning session and is holding near the 7-week low. The pound is pressured by the rising uncertainty around the UK and EU relations after Brexit.
Last week, the British pound depreciated against all other majors amid this background.
In the first half of the day, the pair is likely to go through a moderate upward correction. However, the downtrend should prevail on the pair. The pair is currently trading under bears’ control. A possible pivot point is seen at 1.2885, and I’m planning to sell below this mark with the targets at 1.2775 and 1.2725. Otherwise, the pound/dollar pair will start to rise and will break above the level of 1.2885. After settling there, it may continue the correction to the levels of 1.2905 and 1.2925.
Hello, dear speculators.
Today, let's consider the situation with the pound in brief. It seems things are going to be interesting.
Since last week, I have been waiting for the downward direction, but that has not happened yet.
If we look closely, we will see the following picture:
The buyer is trying to form support.
This area is likely to be the bottom of the balance for the next contract.
According to the chart, I do not see a chance to open a short deal. Although before that I thought we would go back down. But we failed to go down below the 22nd figure. This is a strong sign of the beginning of growth. That is, an accumulation of long deals. We'll see