Thursday, 19 May 2016

GBP in mixed zone











In the daily chart of GBP/USD, it seems that the price ended and turned its trend, mild upward. The price fluctuated in the channel but it raised its bottoms. Now GBP/USD price gaind and may be faced the adjustment. If the trend line is available, the price will rebound after the short adjustment.

In the one-hour chart, the price vibrates in the channel after the surge. The upward trend line is found in 4-hour chart but GBP/USD price moves in the channel in 1-hour chart. In 4-hour chart, it surged and seems to attempt a pattern such as Head-and-Shoulder pattern.


In the ordinary state, Pound moves with Euro. If Euro rises, Pound rises, and if Euro declines Pound falls, too. But their chart isn't similar exactly, of course.

While major currency pair, EUR/USD dives, does British Pound go up alone? In the released meeting minutes of April of FOMC, there was the hawkish eye implying the rising of U.S. Benchmark index. It led the fall of Euro and stock prices. US Dollar Index rose to 95.2. They force the fall of Pound, too. 

The rising price may face the resistance and make the downward pattern such as Head-and-Shoulder or Double-tops patterns, I think.


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