inakocibelli
Junior member
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The pound retreated from four month lows against the dollar on Tuesday, after the U.K. manufacturing index fell to 49.2 in April from a reading of 51.2. This is the first time since March 2013, the index fell below 50.0 level. The factory slow down is mainly caused by weaker global economy and an ongoing drop in the oil and gas industry, as well as the uncertainty of “Brexit”
(Brittan’s exit from the European Union).
Meanwhile the dollar has come under a lot of pressure since the Federal Reserve kept interest rates on hold last week and indicated that it will stick to cautious approach on the future rate increase.
• RSI is located between 50 and 70 number area indicating a bullish trend
• Pair broke historical supply 1.46750
• Fibonacci Expansion 50.0% located near our entry point.
Notes: if pair closed under 1.46750 band in the 4hr time frame take out the entry as that would indicate a further decline.
Entry 1.46740
Target 1.48250
(Brittan’s exit from the European Union).
Meanwhile the dollar has come under a lot of pressure since the Federal Reserve kept interest rates on hold last week and indicated that it will stick to cautious approach on the future rate increase.
• RSI is located between 50 and 70 number area indicating a bullish trend
• Pair broke historical supply 1.46750
• Fibonacci Expansion 50.0% located near our entry point.
Notes: if pair closed under 1.46750 band in the 4hr time frame take out the entry as that would indicate a further decline.
Entry 1.46740
Target 1.48250