GBPUSD Analysis; Falls to 1.3110
|Due to signs of negative temps of growth of the British retail sales, the Pound continued to depreciate against the Dollar. In result of the downfall, the cable slipped to the 1.3100 zone but then made a rebound, which confirmed existence of a large ascending channel. Such outcome suggests that the pair is likely to climb back to the area near the 1.3160 mark. In larger perspective the further recovery of the Sterling seems complicated, as northern side is reliably protected not only by a combination of moving averages, but also by the upper-trend line of a dominant descending channel, which most probably will prevail over less robust ascending channel. On the other hand, expectations of a possible interest rate hike and uncertainty related to Brexit negotiations do not make this scenario undoubted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.