Currency: GBP USD
Target Date: 29/7/2019 – 02/08/2019
Technical Analysis:
GBP/USD has been trading within a narrowing triangle or wedge and is nearing uptrend support. Will it break or bounce? The currency pair trades below the 50, 100, and 200 Simple Moving Averages on the four-hour chart, momentum is to the downside, and the Relative Strength Index (RSI) is also leaning lower. Initial support below the trendline awaits at 1.2420 which was a swing low earlier this week. The two-year low of 1.2380 is a critical line. Below, we find 1.2330 and 1.2250. Resistance awaits at 1.2440 which was a double-top, last seen in mid-July. Further up, 1.2480 was a swing low in mid-July, and 1.2520 capped GBP/USD in recent days.
Our Sentiment : sell Till 1.2300 ( Until the support is broken at 1.2250)
The Big Picture:
The GBP Is 15% overvalued and will be affected with the below news:
News affecting USD:
Tuesday 30/7 – CB Consumer Confidence (July) – Expected to increase (124 vs 121)
Tuesday 30/7 – Pending Home sales – Expected to decrease (0.5% vs 1.1%)
Wednesday 31/7 - ADP Non Farm Employemt – Expected to increase (-0.429M)
Wednesday 31/7 - Fed Interest Rate Decision – Expected to decrease (2.25% vs 2.5%)
Thursday 01/8 – ISM Manufacturing PMI – Expected to increase (52 vs 51.7)
Friday 02/08 – Nonfarm Payrolls (July) – Expected to decrease (165k vs 224K)
Friday 02/08 – Unemployment rate (July) – Expected to decrease (3.6% vs 3.7%)
News affecting GBP:
Thursday 01/08 – GBP Manufacturing PMI – Expected to decrease 47.7 vs 48 (MoM)
Thursday 01/08 – BoE Inflaton Report
Thursday 01/08 – BOE Interest Rate - Expected to be the same @0.75%
Friday 02/08 – Consturction PMI (July) – expected to increase (46 vs 43.1)
Target Date: 29/7/2019 – 02/08/2019
Technical Analysis:
GBP/USD has been trading within a narrowing triangle or wedge and is nearing uptrend support. Will it break or bounce? The currency pair trades below the 50, 100, and 200 Simple Moving Averages on the four-hour chart, momentum is to the downside, and the Relative Strength Index (RSI) is also leaning lower. Initial support below the trendline awaits at 1.2420 which was a swing low earlier this week. The two-year low of 1.2380 is a critical line. Below, we find 1.2330 and 1.2250. Resistance awaits at 1.2440 which was a double-top, last seen in mid-July. Further up, 1.2480 was a swing low in mid-July, and 1.2520 capped GBP/USD in recent days.
Our Sentiment : sell Till 1.2300 ( Until the support is broken at 1.2250)
The Big Picture:
The GBP Is 15% overvalued and will be affected with the below news:
News affecting USD:
Tuesday 30/7 – CB Consumer Confidence (July) – Expected to increase (124 vs 121)
Tuesday 30/7 – Pending Home sales – Expected to decrease (0.5% vs 1.1%)
Wednesday 31/7 - ADP Non Farm Employemt – Expected to increase (-0.429M)
Wednesday 31/7 - Fed Interest Rate Decision – Expected to decrease (2.25% vs 2.5%)
Thursday 01/8 – ISM Manufacturing PMI – Expected to increase (52 vs 51.7)
Friday 02/08 – Nonfarm Payrolls (July) – Expected to decrease (165k vs 224K)
Friday 02/08 – Unemployment rate (July) – Expected to decrease (3.6% vs 3.7%)
News affecting GBP:
Thursday 01/08 – GBP Manufacturing PMI – Expected to decrease 47.7 vs 48 (MoM)
Thursday 01/08 – BoE Inflaton Report
Thursday 01/08 – BOE Interest Rate - Expected to be the same @0.75%
Friday 02/08 – Consturction PMI (July) – expected to increase (46 vs 43.1)
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.
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.