GBP/USD fails to break through weekly R2
Morning outlook - GBP/USD fails to break through weekly R2
- Contrary to expectations, the Pound did move horizontally for long but instead tried to break through the weekly R1 at 1.3077. A reaction from release of information on the US ISM Non-Manufacturing PMI was barely enough to neutralize this attempt. In result, today the pair remains squeezed between the weekly R2 from the top and the weekly R1 from the bottom.
- From a technical perspective, the southern direction contains other various barriers, such as the approaching 55- and 100-hour SMAs. In this sense, the further surge is a more likely scenario. In addition, today the Greenback will not have any fundamental events that could justify its extensive appreciation against the Sterling.
Kommentar:
A more correct hourly chart for the Pound:
Kommentar:
GBP/USD tries to reach 1.3158
An upside momentum provided by the junior ascending channel in conjunction with release of information on the Halifax HPI as well as Mario Draghi speech helped the Pound to break through the upper trend-line of a senior descending channel.
On the one hand, the pair has all chances to continue the surge towards the weekly RR3 at 1.3158.
On the other hand, the further direction will very depend on release of data on the UK Manufacturing Production.
If the numbers will be negative, the pair might slip back until a combined support set up by the weekly R2 at 1.3077 and the approaching 55-hour SMA.
An upside momentum provided by the junior ascending channel in conjunction with release of information on the Halifax HPI as well as Mario Draghi speech helped the Pound to break through the upper trend-line of a senior descending channel.
On the one hand, the pair has all chances to continue the surge towards the weekly RR3 at 1.3158.
On the other hand, the further direction will very depend on release of data on the UK Manufacturing Production.
If the numbers will be negative, the pair might slip back until a combined support set up by the weekly R2 at 1.3077 and the approaching 55-hour SMA.
