The rate of the single currency at the beginning of the session on Thursday managed to rise against the US currency to 1.1746 against the background of the general weakening of the US dollar and the growing crosses with the euro. With the maximum reached, the price dropped to 1,1705. Pressure on it could provide news that former Prime Minister and leader of the party 'Forward, Italy' Silvio Berlusconi on a vote of confidence will vote against the new government.
The British pound was down against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.3296, losing 0.63%. I believe that support is now at around 1.3295, the low of Friday's trading, and resistance is likely at 1.3491 - Tuesday's high.
Pound/dollar expanded its bearish move yesterday, making the bottom of 1.3204. Signals remain bearish for testing 1.3150 in short terms. The closest resistance is at 1.3285. A clear break above this level can take the price to a neutral zone with testing 1.3350. I'm basically down and every bullish pressure should be considered as a good sales opportunity. On the downside, a clear breakthrough and daily closure below 1.3150 could open the doors to the psychological level of 1.3000 this week.
The British pound fell against the US dollar on Tuesday. The currency pair opened at 1.3307 and ended at 1.3249. The pound in the early hours of European trade fell sharply, breaking the level of support at 1.3300, reaching bottom for the day of 1.3204. In the event of a resistance break at 1.3300, we would expect a test at a level of 1.3456.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.