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After witnessing a rather impressive decline that happened on Friday, the pound was clearly asking for a pullback. However, the pound continued to decline instead. Although it would be more correct to call it inertial motion. Or even a hint of it. Since the scale of the weakening of the pound was purely symbolic. However, a rebound did not occur. And since this did not happen yesterday, then it is not worth waiting for it today. The market is now frozen in anticipation of tomorrow's meeting of the Federal Open Market Committee. Moreover, there is still no clarity about the timing of the beginning of the curtailment of the quantitative easing program. And in such a situation, no one intends to risk it. So the market will stagnate.
The British currency, after Friday's decline by more than 110 points, has entered the stage of stagnation. At the same time, the downward interest, unlike the euro, remains on the market. This signals that the phase of gradual weakening of the pound is still relevant among traders.
The RSI technical instrument in the four-hour periods approached the oversold zone, but did not cross the 30 line from top to bottom. This may indicate a predominant interest in short positions.
The daily chart shows a corrective move from the support level of 1.3400, where a change in trading interests occurred in the resistance area of 1.3800/1.3830.
Expectations and prospects:
In this situation, there is a slight stagnation along the 1.3650 value. This can lead to a process of accumulation of trading forces, which will have a positive effect on the volume of short positions.
The next step on the bears' path is within the level of 1.3600.
In the future, a full restoration of the dollar position relative to the corrective move is considered.
Comprehensive indicator analysis gives a sell signal based on short-term and intraday periods due to the inertial downward trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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