After falling the whole
week, gbp/usd
may be turning around this week and go up. If the pair fails to break Friday
low, we may wait a few pushes up this week. There are two levels of support
down. The first one is Sunday open low which was made in the first 15 minutes
on the open and then cable rallied and formed a high of 1.5436, which failed to
be broken on Frankfurt open. Pound briefly went below Asian low 1.5399 by one
pip before running sharply upwards. We can still expect a retracement to 1.5380
level, which I expect to hold. The next level of support is Friday low: 1.5335.
Resistance is today’s high
(Frankfurt open high) at 1.5437 (200 ema and sma are blocking the way upwards),
followed by 1.5490 (same indicators on 30 minute chart) and 1.5508 (the high of
27th of August).
There is no key fundamental
news today that might affect exchange rate of the pair. Tomorrow will see: GBP
Net Consumer Credit, Net Lending Sec. on Dwellings, Mortgage Approvals and most
importantly Markit UK PMI Manufacturing SA all coming at 08:30 GMT.
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