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The pair rallied sharply on board-based Pound sterling selling. Intraday bias remains bullish as long as support 0.8220 holds. It hit a high of 0.84029 and is currently trading around 0.83879.
Donald Trump's latest statements on the potential imposition of tariffs are creating much commotion in the financial markets, particularly in the Pound Sterling. He intends to make a national emergency declaration for imposing a 10% tariff on all imports going to the United States. These actions are making global automobile suppliers such as Bosch and Continental sit and think about their respective locations for production to avoid some high tariffs. The analysts feel that these tariffs will increase costs for consumers and businesses, thereby leading to a possible increase in inflation in the U.S. economy as well as impacting the UK and China, where exports to the U.S. are on the highest scale. In total, Trump's plan to implement tariffs is drastically changing the market and raising questions about future trade and economic stability.
Technical Analysis
The pair is currently trading above the 34- and 55-EMA on the 4-hour chart.
- Bearish Trend Confirmation: Any break below 0.8340 confirms an intraday bearish trend. A drop to 0.8300/0.8260/0.8220/0.8190 is likely.
- Near-Term Resistance: Current resistance is around 0.84050. Any violation above will push towards 0.845/0.8500. The bearish outlook would be invalidated only if the price goes above 0.8500.
Indicator Analysis (4-hour chart)
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Trading Recommendation
It is good to buy on dips around 0.8340, with a stop loss around 0.8300 for a target price of 0.8500.
