By the end of Monday, the British pound consolidated below the balance indicator line, having approached the target support level at 1.3369 by 65 points. The signal line of the RSI is starting to turn upward, which signals an impending correction.
Today's U.S. inflation data may push the pound toward the target level. The forecast for June CPI is 2.6% y/y, up from 2.4% y/y in May. The dollar may strengthen due to short-term expectations that the Fed's rate-cutting pace will slow.
On the H4 chart, the RSI is declining very gradually despite a sharp price drop-this suggests a correction is brewing. The reference point for the correction is the 1.3525 level, the low from July 8. Thus, under the main scenario, after testing the 1.3369 target level, we expect a corrective rise in the pound.
Today's U.S. inflation data may push the pound toward the target level. The forecast for June CPI is 2.6% y/y, up from 2.4% y/y in May. The dollar may strengthen due to short-term expectations that the Fed's rate-cutting pace will slow.
On the H4 chart, the RSI is declining very gradually despite a sharp price drop-this suggests a correction is brewing. The reference point for the correction is the 1.3525 level, the low from July 8. Thus, under the main scenario, after testing the 1.3369 target level, we expect a corrective rise in the pound.
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DAILY FREE SIGNAL. FREE SIGNAL (95% accuracy) TP AND SL PROVIDED
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
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t.me/CEO_PREMIUM_ANALYSIS
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.