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Pound May Be A Good Choice For Call Trades -

Sep, 16th 05:21

The British Pound was the first to capitulate against dollar strength, as an early advance stalled short from the weekly high, with the pair in a steady slide ever since reaching 1.5460.

Britain’s inflation was as expected unchanged in August, down from the 0.1% printed in July, whilst the core reading decreased to 1.0% from the previous 1.2%, also in line with market´s expectations. An upside surprise in the Retail Price index, up y 0.5% in the same month, partially limited the negative effects of the main headline.

Nevertheless, the pair fell down to the 1.5330 where it stands by the end of the day. The 1 hour chart shows that the price fell well below a now bearish 20 SMA, whilst the technical indicators are losing their bearish strength in oversold levels, rather signaling some short term consolidation ahead than a sign of downward exhaustion.

In the 4 hours chart, the 20 SMA is turning lower in the 1.5420 region, whilst the Momentum indicator stands flat below the 100 level, and the RSI heads lower around 39, anticipating additional declines.

The pair has an immediate support around 1.5320, the 23.6% retracement of the latest decline, with a break below it exposing the pair to a steady decline towards the 1.5250 price zone.

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