Hourly
My GBP forecast worked a treat. Due to a rise in the dollar, the GBP/USD dropped to 1.5055 and before the US holiday the price renewed to 1.5135. A double bottom formed with the 1.5114 maximum broken. The calendar is empty, so I expect the pound to strengthen to 1.5189 in the first half of the day. Low activity is expected for the market this evening. The rate should return to around 1.5120 on a thin market.
Daily
A double bottom has formed on the hourly. The day closed up. As it is, there is a full covering of the previous candle. The quick stochastic line crosses above. In this situation it isn’t worth messing around with short positions. Even more so since it’s a day off in the US.
Weekly
As the candle looks for the moment, the situation is 50/50. We need to wait and see where the week’s candle closes.
Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review
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