GBP/USD Analysis:
With the WMA5 down below EMA200 on the daily chart, this signify a down trend for the pound. The pound may not hit 1.538, but technically it is a possibility if there is no reversal.
Yesterday, the equalities market did a good run, the Dow gain more than a hundred points.This morning Asian market continue the run up, so will the pound follow? It does, but will the momentum continue to the European market?
Today at 1630hrs, UK will be releasing news on GDP, Current Account, Mortgage Approvals and CBI Realized Sales. These will be news that will send the pound further down or reverse the trend.
Resistance is at 1.605, clearing that will bring pound higher to 1.62. On the hind side, support is at 1.538 then 1.500.
Trend: Not sure. One safer way to play is to wait for the news and determine what the direction of the pound be. The other way is to watch the CCI. It is now oversold. If it cut the BB, it will show a up, but if it does not, wait, else follow the pound down till 1.540.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment