GBP/USD possibility for new purchases

29.05.2017 / 03:34

Rating:

GBP/USD 29.05.2017

Our expectations: The sentiment for the pound remains positive in middle-term. Despite, that the Liberal party is gaining strength according the preliminary count for the upcoming referendum in UK, still the favorite is the party of Theresa May. On the other hand, the sentiment for USD, is negative. The doubts of the investors that Trump is not going to fulfill his promises are negative for the greenback. Our expectations are for stronger GBP than USD.

Alternative scenario: The technical analysis shows that if the price breaks below the diagonal support we may see USD appreciation. The down movement, according the fundamental, may occur if there is a surprise in the UK referendum.

Comments: Middle-term uptrend. Lower bottoms. The price reached main diagonal and horizontal support and EMA 200. DeM(14) is turning north which indicates that the bears are losing ground.

SL: 1.2725

Trader Bozhidar Arabadzhiev

Varchev Traders

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GBP/USD possibility for new purchases

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