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Pound Breaks Daily Trend Line

Hourly

An upward canal is forming from 1.5189 on the pound. You can’t call the growth a trend. The upward tendency is more akin to a correctional complex figure. In Asia the pound broke from the canal thanks to a fall on the euro/pound cross. The intraday maximum was fixed at 1.5418. There’s a chance of a dash to 1.5462, but after the opening of the Eurozone I’m waiting for a U-turn and a heading back to the balance line at 1.5350.

At 11:30 EET some April data for UK manufacturing production will be published. If the value strays from expectations, fluctuations will be large. Bad news: down, good news: up. Now to the Daily tab.

 
 

GBP/USD Hourly Graph

Daily

Yesterday a dark shade formed on the candle. The new candle has ended up outside of the trend. If the data on manufacturing production is better than forecasted, there’s a risk it will fly off up. Sellers’ positions have markedly weakened. I’ve nought more to add. Now to the Weekly tab.

 
 

GBP/USD Daily Graph

Weekly

The bulls are trying to break the upward impulse to return the rate to 1.5440. The trend was broken recently. If day closes above 1.5400, prepare for a strong GBPUSD growth.

 
 

GBP/USD Weekly Graph



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