Weekly Candle Chart - GBP/USD

Weekly Candle Chart - GBP/USD

Little to add to last week’s candle chart for the pounds to dollars currency pair.  Last week’s candle provided a small hammer which finished well below all three moving averages but provides little in the way of direction for this week’s trading and only confirms that British Pound bears failed to break the 1.3500 level.

Although still within a sharply downward sloping “falling wedge” pattern some bullish momentum has, nevertheless, returned so my view would be some cautious longs with tight stops.  Buy at 1.4150, adding to any break above 1.4220 with an upside target of 1.4500.   Stop at 1.3825.

With little in the way of fundamental news for the British Pound until later in the week it is important to keep an eye on the live currency charts and live news for any sudden, unexpected headline.