For a number of weeks gbp/usd fails to
overcome 1.5700 level. I don’t see it as bearish or bullish; just state the
fact how important the number is. There has to be a break at some point: up or
down. On the other hand, 1.5688 is pretty close. That’s what the close was in
the pair (at least on my charts). By looking at the 4 hour chart below you can
see that from the 7th of August cable was clearly making higher
highs and higher lows against the greenback. It implies that Pound was in
accumulation process and US dollar in distribution. This may not mean the
tendency will continue, but it is likely.
Forex news that might impact exchange rate of the
pair:
Tuesday: 14:00 GMT US Consumer Confidence
Wednesday: 12:30 GMT US Durable Goods Orders
Thursday: 12:30 GMT US Gross Domestic Product
Friday: 08:30 GMT GBP Gross Domestic Product
In my opinion the pair may broke or reverse from the
key level any time at the start of the week without waiting for the above
mentioned economic releases. Both FED minutes and BOE interest rates have been
announced, so we may expect technical moves at any time next week.
See with more updates on this Monday.
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