the daily chartist

Sterling under pressure

published 2 years ago

 The Pound has suffered heavy losses today as it has lost its strength against the USD, which emerged more stronger today and with the better than expected CPI for the Canadian economy, which dragged GBP/CAD down. CAD CPI came in at 0.9% versus 0.1% on a monthly basis with 0.6% forecast. As the price is under pressure now it has moved away from the top at 1.33011, which was promising for any further recovery for the Pound in amidst the Brexit crisis regarding the negotiations. So right now the price has dipped further towards 1.30562 and it has landed on that level firmly. If any breach occurs followed by a confirmation we may see the price dipping further down towards the lower trend line for a test, where it is going to be crucial to see if the test is going to succeed or fail for further indication on the price's behaviour and movement. StOCH and CCI are in their overbought levels and are already turning South, moving under the dedicated levels, indicating a sell signal, so be on the watch out for that.