Pound to be effected by the higher demand on US dollars
The British Pound following the market in declining but in slower rate ; market successfully trading below 1.5050 which considered the major support area on the short-term ; as we mentioned at the Euro Section any break below the low of yesterday more lower levels is coming – but there is signal for market stabilize as well which will be clear by the close of the daily candle of today.
market still facing support level at 1.4800s levels where as long as market holding trades above this level the trading zone would sustain for the coming short-run , while as long as market holding trades above 1.4800 market will hold chances for bigger rebound correction
However m the market has successfully broken the levels of 1.4800 ( as we expected ) and that support levels could not carry the market anymore so the scenario of the range market is now lower probability and the high probability scenario more downward move to 1.4500s levels
If market has broken the 1.4750 levels more drop is expected on the short-term to 1.45 /1.42
short-run trading zone may sustain between 1.4600- 1.5250 zone
Daily Trend: Down
Weekly Trend: Down