The Pound
versus the Dollar was in a well-organized uptrend as shown on the daily chart,
but since the markets never go up or down in a straight line, a pullback was
expected on this pair. It was obvious that the recent retracement on Cable
during the last couple of days was caused by weakness on the UK fundamentals.
That is why we can see that the price has broken the bullish trend line and has
gone below the 1.5200 level to get very close to the 1.5100 level. If the US
fundamentals for next week start coming out better than expected, then we could
see the pair reaching 1.5000 zone.
It seems that we have a trend change
ReplyDeleteWell spotted! I'll keep it in mind.
ReplyDeleteThank you for the analysis!
ReplyDeleteInteresting analysis, thank you.
ReplyDeleteVery useful analysis.
ReplyDeleteVery good post. Thank you very much!
ReplyDeleteGood point! Thanks for sharing it.
ReplyDelete