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Pound/Dollar: Daily Support Reached

Hourly

The pound/dollar lost its momentum after weak UK construction activity data came out. Then the fall gathered pace after positive stats came out of the US and Yellen made a speech.

One thing for sure isn’t clear: why is everyone throwing pounds in before the ECB meeting when everyone expects a further relaxation of monetary policy? I understand that the BoE is in no rush to put up its rates, but as I see it, the pound was being sold too much yesterday.

The pound/dollar fell to the D3. Today trader attention is on the ECB. There are no forecasts from me for today and tomorrow; I do not see the point in making them. The fundamental news is set to smash the technical and fundamental signals.

Hourly Graph

Daily

The break was not cancelled. On the news, the GBP/USD dropped to 1.4894. The pair has currently reached the support. It’ll be a break or a rebound and this will become clear after the NFP is out on Friday.

Daily Graph

Weekly

No comment until Friday.

Weekly Graph



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