The risings in Wall Street helped the GBP to rise until the middle of the day but eventually it resumed falling against the USD on the second half of the day. Today is published the Claimant Count Change data, which will give indication regarding the employment situation in Britain.
Last Friday, I demonstrated how dangerous it was to try opening a short-position under the support of 1.527. The pair made a false-break and started correcting up almost 150 pips, which probably stressed many armatures that had to close their losing positions. The recent candlesticks have up-tails, which indicated that a bearish reversal might occur around these levels. Therefore, a break-down of 1.53 might be a second attempt of breaking down the daily low, on the way to 1.50.
EUR/NZD
The pair EUR/USD reached the lower boundary of the channel it is moving in, and it made the expected correction there. However, the NZD keeps strengthening against the USD and therefore the pair EUR/NZD remains in the downtrend.
The pair is obviously oversold and it might make an aggressive short-squeeze, if it breaks-through 1.60. However, the Kiwi is in a middle of a powerful momentum against most of the currencies, so the pair might break the support of 1.59 and fall to 1.57 or even below that.
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GBP/USD might try to make a bearish reversal under 1.53
Published 01/18/2012, 04:22 AM
Updated 07/09/2023, 06:31 AM
GBP/USD might try to make a bearish reversal under 1.53
GBP/USD
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