A short-term relief rally is in the pipeline for the British Pound. GBP bullish developments can be seen on the GBP/USD and EUR/GBP daily chart.
Clive Lambert from FuturesTechs (youtube.com/watch?v=dHxUAZHCzKw ) presented his view on British Pound on other major markets on today’s ‘London Open Finance Show’.
Clive takes note of a bullish candle on GBP/USD candle chart – yesterday’s candle engulfed previous 4 red candles plus the open-low and close/high were same. The candle stick pattern suggests a technical correction ahead in Cable.
A pull back is also expected in EUR/GBP courtesy of a bearish price RSI/MACD divergence. From our side.. A technical correction in GBP/USD in the pair would gather pace once the spot sees a convincing break above 1.3056 (July 26 low).