Upward Trend in Short-Term

GBP/USD 1-hour chart, source: forexfactory.com

GBP/USD 4-hour chart, source: forexfactory.com

One of the major currency pair, GBP/USD rose after the U.S. Non-farm Payrolls, too. Declining Pound after completing Head-and-Shoulder Pattern, built the upturn, double-bottoms pattern and succeeded the rebounding in four-hour chart. It can be guessed the upward trend.

But British Pound is more volatile than Euro, it surges and dives sharply. And it has some difficulty of simple long bias.

GBP/USD weekly chart, source: forexfactory.com

The weekly chart shows two possiblities of long and short. Since this year, currency pair GBP/USD forms the trend-turn pattern, Reverse Head-and-Shoulder Pattern. It gives the signal of rebounding Pound against U.S. Dollar. But it looks 'edge pattern after falling'. It gives the probability of additional decline.

The technical analysis gives the confused signals, and we need to look at the economic situation. Whether U.S. Federal Reserved System raises its Federal Fund Rate, non-farm payrolls increases or not. And England holds the referendum on Brexit, England's exit from European Union though its probablity isn't high.

You can read this story http://cafe.naver.com/heimdallr999/23, too.