United Kingdom’s economy is not growing at “a sustained pace” as BoE Governor Mark Carney commented last week and this was reflected in the market, generating the recent drop.
Technical Outlook
Early during Friday’s trading session we experienced an almost perfect re-test from below of the level located at 1.6170, followed by a bounce lower. The pair dropped almost 170 pips and the bears are in control at the moment, aiming for the first support, located at 1.5960. Today we expect a “clash” with this level which is very important for future direction as we may witness a trend reversal and a shift in the balance of power.
Fundamental Outlook
The United Kingdom doesn’t release today any major economic or financial data so the pair’s movement will mostly be driven by the technical aspect.
Technical Outlook
Early during Friday’s trading session we experienced an almost perfect re-test from below of the level located at 1.6170, followed by a bounce lower. The pair dropped almost 170 pips and the bears are in control at the moment, aiming for the first support, located at 1.5960. Today we expect a “clash” with this level which is very important for future direction as we may witness a trend reversal and a shift in the balance of power.
Fundamental Outlook
The United Kingdom doesn’t release today any major economic or financial data so the pair’s movement will mostly be driven by the technical aspect.
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