The currency pair resumed its upside tendency as the situation with US Presidential campaign is still unclear. Investors had no doubts that Clinton is going to win before the beginning of this week. However, thinks have changed and Donald J. Trump has chances to win as well. This turbulence has a significant impact on markets as even key players have no idea what Trump is going to do if he becomes the US President. The results of yesterday’s FOMC Meeting shows signs of a probability of Interest rates hike in December. However, if trump wins the elections, we are not sure that the FOMC decides to hike Rates because of a possible market turbulence.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair was in a flat last week but grew on Friday. There is a probability of a correction that may last until 1,11500.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the Ma55 balance line. We advise to avoid trading as the price is still close to the upper side of the MA-channel.
The currency pair offered an opportunity to open long trades in the morning and it was in a profit area for more than 1200 pips. It is better to fix this trade at the moment if you did not do it still. The upcoming Bank of England’s MPC Meeting along with the UK Services PMI may have a considerable impact on GBP/USD and the fluctuations may be in both directions.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was a sort of correction last week but we expect the currency pair to resume its downtrend at any moment.
The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We recommend avoiding trading today as the price is far from the Ma55 balance line.
The currency pair went upwards along the trend for 500 pips and there was an opportunity to take about 300 pips as profit. There was a decline towards the balance line today in the morning. The currency pair offered an opportunity to open long trades. We think that there will be another chance to buy from the MA55 today. We advise to carefully follow fluctuations.
There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair made attempts to grow but declined in the end of the last week. We still have no idea what is going to happen in the nearest future. The probability to reach 0,71800 is still actual.
The uptrend is progressing on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55. Place stop losses below the lower trend line.
The currency pair was trading close to the lower side of the MA-channel offering no opportunities to open trades. This area is too risky to buy or to sell as there is a probability of a good correction. We advise to take no decisions at the moment. It is better to wait for a correction towards the balance line.
There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. There was no growth acceleration and the tendency reversed. We think that the downtrend is going to develop this week.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to take no decisions at the moment as the situation is still unclear.