While the macro economic situation of the UK seems far from picking up and fundamental readings disappoint daily basis, market players are firmly buoyed on Pound against the greenback. Speculation the US will trigger QE3 in the short term keeps the American currency under pressure and fundamentals in that shore of the Atlantic surely don’t help to deny the idea.
Daily chart for GBP/USD shows the 1.5911 high posted past week converges with the 61.8% retracement of this year slide, turning the level into a key breakout point. While not expected for today, the level can surely be took out over the upcoming days: a daily close around 1.5920, should be enough to set a clearer bullish path for September, with short term targets at 1.5980, congestion zone, and later, 1.6060 area.
Downward pressure may increase once the pair breaches 1.5730/50 support area, yet only below 1.5660, 38.2% retracement of the same rally, sellers will take control of the pair.
View Live Chart for GBP/USD
Daily chart for GBP/USD shows the 1.5911 high posted past week converges with the 61.8% retracement of this year slide, turning the level into a key breakout point. While not expected for today, the level can surely be took out over the upcoming days: a daily close around 1.5920, should be enough to set a clearer bullish path for September, with short term targets at 1.5980, congestion zone, and later, 1.6060 area.
Downward pressure may increase once the pair breaches 1.5730/50 support area, yet only below 1.5660, 38.2% retracement of the same rally, sellers will take control of the pair.
View Live Chart for GBP/USD
