GBP/USD daily overview

Oct 1, 2018

The British pound depreciated 0.20% against the US Dollar since Friday’s session. On Monday morning, the rate was located above the monthly PP at the 1.3046 mark.

In the near-term future, most likely, the rate will surge upwards to the weekly PP at the 1.3083 mark but will bounce off it due to the resistance of the 55-hour simple moving average. It seems that the British pound will trade at the 1.3040 level during the session.

On the other side, the rate might break the weekly PP resistance and ignore the resistances of the simple moving averages to trade at 1.3100 level on Monday.

Oct 2, 2018

Note

The British pound depreciated 0.38% against the US Dollar since Monday’s session. On Tuesday, the rate was located at the 1.3000 mark.

In the near-term future, most likely, the rate will move downwards to the weekly S1 at the 1.2948 mark during the trading session. The 55-hour simple moving average will try to catch up the rate to give additional resistance to break the weekly S1.

Moreover, the UK Construction PMI data release at 8:30 GMT on Tuesday did not help the rate to change its direction to trade upwards. The release was flat and did not affect the market much to keep the rare to go downwards to the weekly S1.

Oct 3, 2018

Note

The British pound depreciated 0.25 % against the US Dollar since Tuesday’s session. On Wednesday morning, the rate was resisted by the 55-hour simple moving average at the 1.3001 mark.

In the near-term future, the 55-hour simple moving average will try to resist the rate from surge during the day. Most likely, the rate will move downwards to trade near the weekly S1 at the 1.2948 mark.

On the other side, the UK Service PMI release could push the rate to surge upwards to break the 55-hour SMA resistance to allocate the rate near the monthly PP at the 1.3038 mark.

Oct 4, 2018

Note

The British pound depreciated 0.05 % against the US Dollar since Wednesday’s session. On Thursday morning, the rate was passed the weekly S1 to trade at the 1.2961 level.

During Thursday’s session, the 55-hour simple moving average will keep trying to resist the British pound to push the rate to trade at lower levels. Most likely, the rate will try to pass the weekly S1 at 1.2948 one more time to trade near the 1.2900 level during the day.

However, the rate might break the 55-hour SMA’s resistance to surge upwards to trade at the 1.2980 level.

Oct 5, 2018

Note

The British pound appreciated 0.66 % against the US Dollar since Thursday’s session. On Friday morning, the rate was supported by the 100-hour SMA at the 1.3008 mark.

During Friday’s session, most likely, the rate will surge upwards to the 1.3060 level due to support of the 100-hour and the 55-hour SMAs. The rate might break the resistance of the monthly PP at the 1.3038 mark and use it as support to break the 200-hour simple moving average during the day.

On the other side, the monthly PP may resist the rate to pass the simple moving averages supports to trade at the 1.2980 level on Friday.