The
GBP/USD pair slipped to a fresh weekly low at 1.2418, shattered by the growing risk sentiment and more weighed by a quite
Markit construction PMI, which introduced 52.2 for March, lower than February's
52.5 and not matching with market's expectations of 52.4. After Monday's weak data,
today’s macro agenda printed lower construction
activity in the United Kingdom in March, setting the Sterling under additional
pressure. Meanwhile the trade deficit numbers from the United States are down
according to the expectations, because exports has increased more than the
imports did.
On the four-hour time frame the 20-day SMA has started to turn to downwards. RSI
has switched to bearish mode, as since Monday is marking lower lows and
currently is situated at 41. Stochastic is displaying sharp southern slope and
is located withing extreme oversold area.
The trend index is bearish, volatility is shrinking and the forecast bias as
well points bearishness.
Quit holding out, draw another breath and stay long at 1.245.
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