GBP/USD Posted little gains today and needs a spark to be able to start another bullish momentum. Is trading in the green right, but looks undecided. I hope that we’ll have a trading opportunity very soon because looks like that the USD will decrease a little on the short term.
Price could increase as the USDX may slip lower in the upcoming days, the index is trading right below the 93.50 psychological level and could resume the Friday’s bearish candle. USDX remains under pressure as long as stays below the 93.81 static resistance, it could come down to recapture more directional energy before will start another bullish momentum.
The Cable increased today, even if the United Kingdom Rightmove HPI dropped by 0.9% in August, versus a 0.1% growth in the previous reading period.
Price narrows on the short term right on the upper median line (ML) of the major descending pitchfork, only a retest of this dynamic support will signal another leg higher. Is premature to say that we’ll really have a bullish momentum until will come to retest also the 1.2798 static support.
Support can be found at the second warning line (wl2) of the minor ascending pitchfork. We may have a sideways movement above the 1.2798 level in the upcoming period before we’ll have a clear direction.
A further retreat will be confirmed only after a valid breakdown below the 1.2798 static support, this scenario will take shape only if the USDX will breakout above the 93.81 static resistance.
