The British Pound during the American session touched a new low at 1.5757. The first weekly support 1.5760 is just at this level. This level is likely to slow the fall of the pound, according to technical indicators this pair is oversold. It is likely that for the next few hours there will be a significant upward bounce to the 200 day moving average periods. We can buy these low price levels, but we must be cautious because the dominant trend is prevailing. Therefore, place stop loss very tight, 30 pips below the low of 1.5757.
We hope that in the medium term the pound will be trading again by 1.60 and 1.63 levels. After all, the Fed's monetary policy, the American dollar will continue to weaken, and sooner or later, traders understand it and begin to buy back the British pound.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
