• GBPUSD : 1.28622
  • EURJPY : 120.830
  • GBPCHF : 1.26467
  • GBPCAD : 1.70579
  • GBPAUD : 1.94046
  • EURGBP : 0.83921
  • AUDUSD : 0.66274
  • USDCHF : 0.98317
  • HK50 : 27467.3
  • EURNZD : 1.70400
  • AUDJPY : 74.176
  • NZDUSD : 0.63344
  • EURCAD : 1.43170
  • CADJPY : 84.378
  • EURUSD : 1.07957
  • EURAUD : 1.62869
  • GER30 : 13763.6
  • SPX500 : 3380.34
  • EURCHF : 1.06146
  • USDJPY : 111.907
  • NAS100 : 9700.55
  • GBPNZD : 2.03024
  • XAGUSD : 18.382
  • AUDCAD : 0.87896
  • GBPJPY : 143.957
  • US30 : 29293.8
  • JPN225 : 23559.0
  • FRA40 : 6097.96
  • USDCAD : 1.32605
  • AUDNZD : 1.04613
  • UK100 : 7458.94
  • NZDCAD : 0.84010
  • USOIL : 53.830
  • AUS200 : 7173.77
  • USDCNH : 6.42822

Pound surprises with bullish trend against dollar

Date : 2020-02-14 17:42:56

Pound surprises with bullish trend against dollar


The cable pair has experienced high volatility in previous weeks, with highest at 1.32 and lowest 1.286 recorded at two weeks back and end of last week respectively. It has been floating between the 1.303 and 1.305 as of today’s Asian opening section, and right before that, U.K PM Johnson has publicly announced that he has cancelled all meeting with U.S President Trump until June. Whereas Trump wants to close the trade deal with the Kingdom to maintain momentum for his re-election in Autumn. Also, the surprise resignation of the U.K Chancellor has drove the pound higher, hitting close to supply level of 1.31, rebounding back to last weeks’ high.


SMA14 and SMA20 has been showing a strong uptrend in both the H1 and H4 chart, first rally reverted back to previous week high at 1.306, testing for critical resistance level at 1.307 next. Not just the pound movement but on the other hand, the dollar was somewhat pressured by the country’s firm inflation, dollar index fell by 0.06% against other 6 major currencies. I do think there are still room for the pound to rally through second resistance around 1.3077 in short term, in bid of a brighter U.K economy ahead with a reshuffling.

Pivot Point: 1.2968
S1 – 1.2920 R1 – 1.2990
S2 – 1.2875 R2 – 1.3030
S3 – 1.2820 R3 – 1.3075

Recommendation for traders today to catch some day movement, buy at 1.3039 with stop-loss at 1.295 and take-profit at 1.3048.

Analyzed by: Mr. Ronald Wu,Independent Analyst

Disclaimer:
Goldwell Capital Co., Ltd. endeavours to ensure the accuracy and completeness of this research report. However, as the market is subject to change, the Company and our subsidiaries do not guarantee its completeness and accuracy, and the information is for reference only. Any person shall not regard such information as Goldwell Capital Co., Ltd. on leveraged foreign exchange, precious metals, stocks, and other financial products to provide real quotes, suggestions, solicitation and inducement of investment. Guests should be aware of the risks involved in the investment, the volatility of the investment market and the risk of loss can be very big, guests must carefully consider their own financial situation and investment purposes, to decide the direction of investment and the kind of investment products that are suitable for their owns.