|Day's range||1.393 - 1.401|
|52-week range||1.2113 - 1.4340|
The British pound has rallied a bit during the trading session on Friday, reaching towards the 1.40 level. That is a very important level, and I think that the market reaching towards there could unleash more buying pressure. Given enough time, I think that’s exactly what happens.
In the alternate scenario, if the market breaks below the 0.78 level then 0.7750 level will offer some amount of resistance. Alternatively, if this market breaks below the 106.50 level then the market could probably drop towards the 105.50 level which could wipe the entire move higher.
The GBP/USD has been in a steady downtrend after reaching 1.4140 zone. The price has been steadily dropping and it has reached 1.3855 support. As we can see on the chart, it closed just above the trend line after it has reached D L4 level. A rejection above the trend line could target 1.3950-60 POC zone where we could see sellers. However, a 1-hour candle close below the trend line 1.3970 could initiate further bearish pressure towards 1.3955, 1.3839 and 1.3814 as final targets.GBP/USD Intraday Bearish Zig-Zag Pattern
There were no major surprises from the Federal Reserve’s FOMC Meeting Minutes publication yesterday, but it did highlight the U.S Central Banks ambition to raise interest rates in 2018.
The pair traded with a negative tilt during the Wednesday’s session as it was hovering just around the 1.23 level. The pair initially rallied during the Wednesday’s session reaching towards the 1.40 level but due to significant resistance above, it rolled back. The AUD continued to fall during the Wednesday’s session reaching towards the 0.78 level but because of this, it may also get potential buying interest as it is the 50 percent in Fibonacci scale and also the 0.78 level is the massive support region.
The British pound has initially fallen during the trading session on Wednesday but found enough support underneath at the 1.32 level to turn around and show signs of bullishness. I believe that the 1.40 level is very important though.
The British Pound was very noisy during the trading session on Tuesday as it reached as low as 1.3930 level but was able to bounce back. Right now both US dollar and the gold market is greatly influencing the market’s movement. The USD continued to move higher during the Tuesday’s session trying to reach towards the 107.50 level which was its previous major support level.
The British pound was noisy on Tuesday, bouncing around the 1.40 region. The market looks as if it is trying to form a short-term base, and I think that if you can continue to go higher from here, you should do quite well in the overall move.
EURUSD’s recent pullback from 1.2553 seems all set to re-test the two-month old ascending trend-line support of 1.2285, breaking which an intermediate TL figure of 1.2220, together with oversold RSI, might try restricting its follow-on downside. If the pair refrains to respect the 1.2220 level, the 1.2160 and the 1.2100 are likely consecutive stops that it can avail prior to resting on the 1.2085-80 horizontal-line. On the upside, the 1.2415, the 1.2455 and the 1.2520 may entertain short-term buyers before making them confront the latest high around 1.2555. ...
The markets will probably bounce from here as the 1.23 level is massively supportive which could attract a lot of buyers into this market. Going forward, the market is going to be noisy and volatile as there are lot concerns about the bond market and where it is heading. Given enough time, the market will find enough bullish pressure to reach towards the 1.25 level.
You’re watching this week’s first Daily Trading Signals. Here’s how the interbank sentiment compares with the technical models at 8 AM GMT.
The pair pulled down significantly during the Friday’s session reaching towards the 1.24 level which offered a bit of support. Overall, the market is in general uptrend and pullback like this offers a good buying opportunity. If the market further breaks down, the 1.23 level and 1.21 level is going to offer maximum support. All the pullbacks are a technical move based on the recent highs and buyers will get attracted to take this market forward. …Read MoreGBP/USD
The British pound rallied during the week, breaking above the 1.40 level again. We are giving back some of the gains, but ultimately, I think we are in a range of consolidation, perhaps trying to build up the necessary momentum to break above the 1.43 level. I think the market is heavily supported underneath, and therefore I believe that buying on dips makes sense.
The British pound has broken down significantly during the trading session on Friday, reaching down towards the 1.40 level. This is an area that should be somewhat supportive, based upon a large, round, psychologically significant level.
The pair has been bullish through the Thursday’s session as it reached the 1.25 level which is a psychologically important level. The British Pound rallied significantly during the Thursday’s session as it broke above the 1.40 level which was significantly resistive. Yesterday’s move in the market is a very positive development and should continue to rally for next few sessions reaching towards the 1.43 level.
The British pound rallied a bit during the trading session on Thursday, slicing through the 1.40 level. This is a good sign for the British pound going forward, and as I record this looks like we may be ready to pull back a little bit too retest the 1.40 handle.