Pound is preparing to sharp movements
Pound closed in New York on Tuesday at $ 1.6813 after being unable to continue to recover from early European lows around $ 1.6757 to a maximum of US $ 1.6817 session. This step has been given a boost before and after the London fixing at 1600BST, and the reason was the positioning in anticipation of today's key events, namely the UK labor market report at 0830GMT and review of inflation from the Bank of England at 0930GMT. Pound slowly returned profits in the Asian session, down from opening highs of around $ 1.6813 to $ 1.6801, but again trading around $ 1.6813 this morning in Europe. Euro / sterling also reflected the revival of sterling fell Tuesday below support at stg0.7970, extending the pullback to stg0.7945. Cross held in Asia in the narrow stg0.7951 / 54 range. Reports on major transactions in the show that recent mixed data this morning suggests that the BOE will reflect some cooling in the process of recovery of the UK economy, but the choice of sterling - still a good bet, since the absence of such negative assessments of the inflation report will lead to a sharp rise in the currency. Buying sterling on dips remains the best course of action. Employment data, expected to show further improvement. Pound bidami maintained at 1.6800 $, $ 1.6787-80 (50% -61.8% of the $ 1.6757-1.6817). Resistance is at $ 1.6820-30.
Technical analysis on the GBP / USD
Impedance 4: $ 1.6894 - resistance hour July 31
Resistance 3: $ 1.6880 - the 100-day moving average
Resistance 2: $ 1.6863 - a maximum of 7 August
Resistance 1: $ 1.6828 - hour resistance of August 8
The current rate of the currency pair: $ 1.6823
Support 1: $ 1.6795 - the high of August 11 is now supported
Support 2: $ 1.6757 - a minimum of 12 August
Support 3: $ 1.6738 - a minimum of 11 June
Support for 4: $ 1.6718 - month low on June 4
Comment: after finding support at $ 1.6766 a pound sank to new 2-month low on Tuesday, but rebounded to the initial resistance of $ 1.6828. resistance layers remain in the neighborhood of $ 1.6828-1.6894, and the bulls continue to look at, to close above $ 1.6894. This will confirm the weakening of bearish pressure. Daily oscillators are oversold and are a key concern for the subject bears now. Now they need to see a close below initial support $ 1.6795 to confirm the downside pressure.
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