[GBP] Decoupling Sterlng

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

Sterling has shown the synchronized feature with Euro, but it decouples from Euro. While Euro rises against U.S. Dollar, Pound falls. We have been able to guess at Pound by Euro but it is difficult to do.

The market recovers from Brexit shock and major currencies gain its value. Sterling isn't except. Sterling rises against Greenbacks, too. But its shape will not be similar that of Euro.

The Institute of Supply Management said its non-manufacturing purchasing manager's index rose to an eight-month high of 56.5 last month from 52.9 in May. Analysts had expected the index to rise to 53.3. As it is announced, Greenback soared and another currencies tumbled. Euro recovered previous price soon and turned up but British Pound didn't quickly like Euro. Now both currencies make upward trend agains Greenback.

In one-hour chart, currency pair, GBP/USD chart forms double-bottoms pattern. The pattern is not completed yet, there is possibility of turn-down again. But I think Sterling edges up in mid term.

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