Tuesday, August 8, 2017
The GBP/USD breaks below the 1.3000 level
The
GBP/USD keeps its bearish retracement due to weakness on the Pound and a
comeback on the US Dollar. The Pound drops after the weak consumer spending
data in the United Kingdom, which falls for a third month in a row. Investors
and traders have doubts about the UK economy, while in the US the jobs openings
reading came out better than expected, supporting the Dollar and the NFP
numbers from last Friday. On the daily chart of the GBP/USD we can see that the
pair has fallen below the 1.3000 level and reaches the 55 day exponential
moving average (purple line) where it is trying to stall momentarily. In case
of a bullish bounce, the 1.3100 level or the 1.3200 level could act as
resistance, but for now the fundamental data is pointing to a possible bearish
continuation. If the pair continues dropping, then the 1.2900 level could act
as support, along with the 200 day EMA (blue line) or the 1.2800 level.
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It may find some support at the 55 day exponential moving average.
ReplyDeleteIt may start moving to the upside again.
ReplyDeleteIt's range-bound around 1.3000.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDeleteVery good analysis.
ReplyDeleteGood assessment! I'll keep it in mind.
ReplyDeleteThe pair is ranging.
ReplyDelete