Pound/Dollar: Expected Growth to 1.5357

Pound/Dollar: Expected Growth to 1.5357

From alpari.com

My expectations for the pound came off in full. The GBP/USD rose to 1.5335 at the US session. From a 1.5335 maximum, the pound rebounded to 45 degrees. For us to see a continuation of this strengthening against the dollar, we need to see it rebound lower. If we take a look at the technical picture on the daily, the closest target is 1.5390. The fundamental side is bare, so I’ve gone for a GBP/USD rise to 1.5357 on my forecast. The CIF dollar rate is down due to a closure of long positions after the FOMC minutes were published. The GBP/USD rate has stopped by the daily LB. The day will close above 1.5255, so I’m ... (full story)

Comments
Comment
Subscribe

Comment #1
Quote
Nov 20, 2015 10:36am Nov 20, 2015 10:36am

cristmaster
| Joined Nov 2011 | Status: Member | 584 Comments

i hope to be 1.5600

Comment #2
Quote
Nov 20, 2015 10:41am Nov 20, 2015 10:41am

ThunderHeart
| Membership Revoked | Joined Jun 2015 | 715 Comments

Yeah I don't see it happening! especially given that a bearish engulfing is occurring on the daily sending it close to support levels. Lets face it, sometimes if not all the time, the GBP can be a real shitbird!

Comment #3
Quote
Nov 20, 2015 2:06pm Nov 20, 2015 2:06pm

Goldflake
Joined Apr 2012 | Status: Member | 56 Comments

wowwww...Wonderful analysis by alpari

When Scalpers win, I lose and Vice varsa...

Comment #4
Quote
Nov 20, 2015 2:32pm Nov 20, 2015 2:32pm

cristmaster
| Joined Nov 2011 | Status: Member | 584 Comments

We will se next week.........

Comment #5
Quote
Nov 20, 2015 2:51pm Nov 20, 2015 2:51pm

glenngie
| Joined Nov 2009 | Status: Member | 1324 Comments

timing for this "recommendation"/"forecast" seems dumb to me.....

Comment #6
Quote
Nov 20, 2015 10:34pm Nov 20, 2015 10:34pm

ThunderHeart
| Membership Revoked | Joined Jun 2015 | 715 Comments

Quoting glenngie

Disliked

timing for this "recommendation"/"forecast" seems dumb to me.....

Ignored

I was thinking the same thing, now after what happened on Friday, breaking support levels, I just can't see how this analysis is going to be right Then again, the pound could respond next week as support seems to be holding for now at current levels at 1.5194. The other issue affecting the pound is the drop in Oil prices, now forecast to drop below 40.00 per barrel. So with next week being a Holiday week for USD, it could be ripe for the pound to bounce back, but given the circumstances I am highly skeptical that such a move will happen.

Story Stats

Posted: Nov 20, 2015 8:47am
Submitted by:
Maksimenko

Category: Technical Analysis

Comments: 6 / Views: 5,879