The dollar steadied against a basket of currencies on Friday after softer-than-expected inflation data saw the greenback sink to one-month lows, amid increased bets that the Federal Reserve will cut interest rates in September. The British pound was flat, with the GBPUSD pair moving little after rallying to a near one-year high against the dollar on Thursday. The pound was also buoyed by data on Thursday which showed the British economy grew more than expected in May. <\/p>\n\n\n\n
The British pound welcomed the softer U.S. CPI numbers and the dollar’s decline, by sharply rising towards the target level of 1.2975. Here, the bears will have a final chance to intercept the situation on a weak divergence with the Marlin oscillator. If the price breaks above 1.2975, the oscillator’s signal line will be above its peak from May 27-28, eliminating the chances of forming a divergence. This would open up a brilliant prospect for the pound to rise towards the target range of 1.3124\/41, determined by the July 2023 peak. The price has about a 40% chance of returning below 1.2847. However, this return would solidify the lower level divergence and realign the pound towards a decline to 1.2633.<\/p>\n\n\n\n
CURRENTLY GBP\/USD IS MOVING ON UP TREND.<\/mark><\/strong><\/p>\n\n\n\n Expecting correction up to 1.2925<\/p>\n\n\n\n Today’s important levels for trading are 1.2856, 1.2903, 1.2960 and 1.3007<\/p>\n\n\n\n Trading Strategy for today: Buy On Dip<\/mark><\/strong><\/p>\n\n\n\n Trade setup<\/mark>:<\/strong><\/p>\n\n\n\n Pullback Buy around 1.2925, Deeper Buy around 1.2895<\/p>\n\n\n\n Safe swing sell below 1.2850 The dollar steadied against a basket of currencies on Friday after softer-than-expected inflation data saw the greenback sink to one-month lows, amid increased bets that the Federal Reserve will cut interest rates in September. The British pound was flat, with the GBPUSD pair moving little after rallying to a near one-year high against the dollar […]<\/p>\n","protected":false},"author":1,"featured_media":550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,38],"tags":[],"class_list":["post-548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-technical-analysis"],"yoast_head":"\n
Safe swing buy above 1.2975<\/p>\n\n\n\nRemark: This market analysis is published to increase your awareness, but not to give instructions to make a trade.<\/mark><\/h6>\n","protected":false},"excerpt":{"rendered":"