Hourly
The pound/dollar lost its momentum after weak UK construction activity data came out. Then the fall gathered pace after positive stats came out of the US and Yellen made a speech.
One thing for sure isn’t clear: why is everyone throwing pounds in before the ECB meeting when everyone expects a further relaxation of monetary policy? I understand that the BoE is in no rush to put up its rates, but as I see it, the pound was being sold too much yesterday.
The pound/dollar fell to the D3. Today trader attention is on the ECB. There are no forecasts from me for today and tomorrow; I do not see the point in making them. The fundamental news is set to smash the technical and fundamental signals.
Daily
The break was not cancelled. On the news, the GBP/USD dropped to 1.4894. The pair has currently reached the support. It’ll be a break or a rebound and this will become clear after the NFP is out on Friday.
Weekly
No comment until Friday.
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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