As usual, on the first day of the new trading week, we will summarize the results of the completed five-day trading week. Then we will try to predict the further direction of the pound/dollar currency pair. Based on the fact that the information background for the GBP/USD pair cannot be called saturated today, the main focus in this review will be on technical analysis. However, let us briefly talk about the next fundamental events that concern the British pound sterling. Today is generally a dead day in terms of macroeconomic statistics. But tomorrow, traders of the British currency will have a great day since data on the UK labor market will be published at 07:00 (London time). In the meantime, let's summarize the results of the last five-day trading.
Weekly
After a two-week growth, the pound bears decided that this was enough and tried to take trading on GBP/USD under their control. What came out of this is demonstrated by the last weekly candle. The pair ended last week with a minus sign. It declined, but the very long lower shadow of this candle demonstrates the reluctance of the market to move in a southerly direction. However, the pound is not in a hurry to grow. It is worth noting that the quote has got into a fairly narrow price range for a weekly period and so far can not say goodbye to it in any way.
As you can see, the red Tenkan line of the Ichimoku indicator, which runs at 1.3776, provided serious support at the auction on September 6-10. The nearest resistance is at 1.3890, and the blue Kijun line runs a little higher at 1.3908. In general, the technical picture is very sensitive. The lower border of the Ichimoku cloud passes under the Tenkan, which can provide strong support and return the pair to growth. In the event of a breakdown of the resistance level of 1.3890 and the Kijun line, the pound bulls will again have to meet with a strong resistance area of 1.3980-1.4015. Given these factors, the exit from the current narrow range may be false, which is quite real.
Daily
On the daily chart, there is a more bearish picture. After the appearance of the candle for September 10 with an incredibly long upper shadow and below the black 89 exponential moving average, in the absence of any macroeconomic indicators, the market has quite actively started working out the Friday candle, which is bearish in its form and essence. However, at the end of the article, the Tenkan red line is trying its best to prevent the continuation of the downward scenario. However, it will become known if it will be possible to do this only after the closing of today's trading. Considering that the pair is trading in the middle of the range of 1.3725-1.3890, I think it is incorrect to draw any unambiguous conclusions about the further direction of the price, especially considering tomorrow's reports on the UK labor market. Today, I suggest taking a wait-and-see attitude and not getting into the market. Perhaps tomorrow, after the release of British statistics, there will be more technical signals or at least prerequisites for opening positions.
