The GBP/USD started the week weaker and early this morning hit
low at 1.2381, as the pair was undermined by the reports that Scotland may call
a second independence referendum as early as next month. The pair bounced off
the low and currently is trading slightly above 1.2400 handle.
As seen on the four hours time frame the price has crossed to below the bearish
20-day SMA. RSI is standing at around 38 and has lost directional strength. The
stochastic is showing strong oversold conditions and is displaying bearish
momentum. Technical readings confirm that the risk remains towards the
downside. The macro agenda for today is not offering much from UK side, but on the other
shore we have data on Pending Home Sales,
Durable Goods Orders and the FOMC member Kaplan speech. So Sterling might be
seen stronger only if US data disappoints.
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