The pound/dollar currency pair completes the July and weekly trading with a confident growth. Looking at the last weekly candle, this is not surprising. However, the results of the July and weekly trades will be summed up on Monday, taking into account the actual closing of the month and week. In the meantime, let us talk about urgent matters. As noted earlier, the downward dynamics of the US currency was mainly influenced by the results of the July meeting of the US Federal Reserve System (FRS), where the main point can be considered the preservation of rates at current levels until the full recovery of the US economy from COVID-19. Given that there is now an outbreak of the delta strain of coronavirus in the United States, which does not exclude the introduction of some restrictions, we will have to wait for a tightening of monetary policy from the Federal Reserve for quite a long time. And the latest macroeconomic statistics leave much to be desired.
Yesterday's data on US GDP for the second quarter and the initial applications for unemployment benefits did not meet economists' expectations. It turned out to be weaker than predicted. As the Fed has repeatedly noted in its statements, monetary policy revision will also depend on incoming macroeconomic indicators. There is no joy and positive mood for buyers of the US dollar. All this can be seen on the price charts of the GBP/USD currency pair, which we will immediately proceed to consider. However, today will also be saturated with statistics from the United States, which will begin to arrive starting at 13:30 London time. I don't know how much it will help the poor dollar now, but it is still necessary to take into account the incoming data. All the details are in the economic calendar.
Daily
The pound/dollar currency pair systematically reaches all the previously designated growth goals on the daily chart. Yesterday's forecast assumed a rise in the lower border of the daily cloud of the Ichimoku indicator, and the rectangular label was set exactly yesterday. A clear and accurate achievement of the set goal is a completely expected and natural rebound downwards. It is quite obvious that after yesterday's highs at 1.3980, we can assume that the pair is rushing to the key technical zone of 1.4000-1.4015, where its fate will be decided.
From a technical point of view, it should be noted that yesterday's trading ended above the 50 simple moving average. Today, a rollback was already given to 50 MA, and after the price flew a little lower, the course turned back in the north direction. In my subjective opinion, the pair can already test the previously designated price area of 1.4000-1.4015 on the last day of July and weekly trading today. It will be especially important in the case of the release of weak statistics from the United States. Today, on the last day of monthly and weekly trading, and even under the key level of 1.4000, I will refrain from specific trading recommendations and suggest waiting until Monday. As you know, staying out of the market is also a position.
