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Pound Breaks Daily Trend Line


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


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


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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