On Tuesday, September 11, the market profile on the British pound is within the trend.
A number of encouraging fundamental data was profitable for the pound and the currency resumed its upward move having reached new highs in the area of 1.6084.
At the end of the day a fair price area was in the range of VAL- 1.6013 and VAH – 1.6084. The point of control POC was formed at 1.6069.
Forecast for Today:
During today’s Asian session, the British pound was trading in the sideways channel against the greenback.
If the growth continues, the first resistance level will be located at yesterday’s VAH at 1.6084. From that point the acceleration may continue towards POC of 28 October – 1.6093, then to POC of 31 October – 1.6101.
The most conservative longs will be trading lower than VAH of 28 October – 1.6131.
In case the downward movement resumes, the first support level will be placed at yesterday’s POC of 1.6069. From that level the fall will extend towards VAH of September 10 – 1.6013 and then towards VAH of September 7 – 1.5997.
The most conservative shorts will be trading below the level of 1.5981.
Description:
POC (Point of Control) – orange horizontal line on the chart.
VAL – violet horizontal line on the chart, always below POC.
VAH – violet horizontal line on the chart, always above POC.
