Thursday, January 8, 2015

Is there a possible change of direction on the GBP/USD?

The Pound versus the Dollar has been in a bearish trend and has been breaking key support levels consistently. However, we can see on the daily chart of the GBP/USD that when the price reached the 1.5100, the momentum has lost strength. The relatively long lower shadow of the last couple of daily candles is another indication that buying interest may be rising. Non the less, tomorrow we have the non-farm payrolls report out of the US, and if the number comes out better than expected, then the Dollar may strengthen and the pair may reach the 1.5000.


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