The currency pair held its positions even after a weak Eurozone manufacturing index. Investors pay attention to the US data. Yesterday’s import and export prices data was disappointing and USD was under the pressure. Today there is a large number of releases and we expect considerable volatility growth during the day. As for the technical analysis, the currency pair has still no trend as the situation is unclear.
The trend is neutral on the Weekly chart as the price is close to the MA55 balance line. There were some attempts to grow towards 1,15000. However, the price stopped at 1,13000 and reversed then. There is a probability of further decline in the next couple of days.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. It is better to avoid trading today as many important releases expected.
The currency pair reached the balance line after US data that was weaker than expected. UK Labor Market statistics was mixed and had almost no influence on GBP. We recommend paying attention to the Bank of England Meetings event which it to take place today. The British central bank is expected to leave the current monetary policy unchanged. However, investors will likely pay attention to the MPC members comments on the future of rates and Bond buying programme. It is also important to wait until the US Retail Sales and Philly Fed Manufacturing index data.
There is the downtrend on the Weekly chart as the price is below the MA55. The currency pair has almost reached the target at 1,35000 and reversed on the top of the upside tendency. We expect GBP/USD to decline in the next couple of days according to technical analysis.
The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is above the MA55. You may try short trades from the trendline with stops above this line.
The currency pair is trading within a range and had no sharp bounce off. There is a probability of further decline. Today’s Australian Labor Market data was mixed and had almost no influence on AUD/USD. There are no factors to support the currency pair. However, it is better to wait until the US data is to be released.
The uptrend is still in progress on the Weekly chart as the price is above the MA55. The currency pair formed a Doji last week. This pattern may be a sign of future reverse in tendency. We advise to seek for short trades triggers this week. As for targets, the currency pair aims 0,71500 level which is still too far from the current one.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. You may try short trades from the balance line area.
The situation with the currency pair is still unclear as there is still no trend. Today’s US data may change the situation and make it more clear for traders. However, it is difficult to say something about the future direction of fluctuations as we have no idea how positive or negative today’s data may be.
There is no trend on the Weekly chart as the price is fluctuating around the MA55. WE have seen some decline last week and we expect the currency pair to grow in the nearest future.
There is also no clear direction on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. It is better to avoid trading at least before results of the US data releases.