Pound / dollar was indecisive yesterday. Expectations remain bearish in the short term to test the 1.2930 - 1.2865 zone as part of the downstream phase after the breakthrough under the trendline support line. Resistance for the day is 1.3028 (yesterday's peak). A clear break above this level could take the price to a neutral zone with testing at 1.3075 - 1.3125. Generally, I am neutral on this pair, but a clear break above 1.3125 should re-activate the upward model.
The pound registered a slight increase against the dollar on Wednesday. The British currency broke off the negative trend of the day before, but a key breakthrough was not reached. If the Bears will win again, the first support at 1.2930 will be tested. The session was opened at a rate of 1.2990 and the closing price was 1.3003. The trend was volatile, as the peak of the day was reached at 1.3027.
Key levels to watch for:
Support: 1.2930; 1.2853;
GBP/USD did not do much, hopefully more volatility is coming.
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Sergey Golubev, 2017.08.13 09:05
Weekly Fundamental Forecast for GBP/USD (based on the article)
GBP/USD - "The British Pound is often seen, like the US Dollar and the Euro, as neither a safe-haven currency to be bought when investors are nervous nor a ‘risk-on’ currency to be acquired when their risk appetite increases. However, this broad generalization, like most, needs to be questioned. As for Brexit, little is happening right now as many UK politicians remain on holiday. Note, though, that Michael Saunders, one of the two hawks on the Bank of England’s monetary policy committee currently voting for a rate rise, was reported Friday as saying that the UK’s exit from the EU meant the economy would probably grow more slowly in the coming years than it would otherwise have done."
The British pound was up against the US dollar on Friday. By the close of US trading, GBP / USD is trading at 1.3009, gaining 0.24%. I believe that support is now at around 1.2940, the low of Friday's trading, and the resistance was likely to come in at 1.3063, Monday's high.
Gbp/Usd is consolidating around 1.30 level, showing no clear directional strength. Focus turn to UK inflation data on Tuesday.
The British pound recorded a decline against the US dollar on Monday. The session began at 1.2998 and ended 35 pips lower. Daily extreme values were reached at 1.3021 and 1.2956 respectively. The currency pair remains at risk of further decline, with the target at 1.2700. For a change in direction, a break of 1.3090 will be needed.
The British pound recorded a significant decline against the US dollar on Tuesday. The session began at 1.2963 and ended at 1.2868. Graphics continued to grow below moving averages, while the RSI remained in the resale area. If the bearish trend keeps, the pair will head to the first support at 1.2700.
The British pound recorded a modest decline against the US dollar on Thursday. The session began at 1.2890 and ended 23 pips lower. Graphics continued to grow below moving averages, while the relative strength index remained neutral. If the direction goes down, the target will be the first support at 1.2700.