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Dwindling pound found support at the range low against dollar, around 1.542 area.
Technically speaking, this floor is extra crucial for pound/Dollar pair, as it not only is the range floor but floor of rising trend channel. Pound bulls face key challenge in defending this floor, ahead of much expected rate hike from FED.
As of New York session, Pound has found support on the floor as Dollar weakened over the board.
Fundamentally speaking, Dollar is likely to have some upper hand over Pound going ahead as FED is clearly ahead in the race over rate hike. That will keep Dollar well bid heading into September. On the other hand some hawkishness faded over last monetary policy meeting at bank of England (BOE).
Risk reward, at this point remains in favor of Pound at channel/Range floor.
Trade idea -
- Going with Risk reward, buy Pound against Dollar in the shorter term, targeting range high area around 1.56-1.565. Stop loss can be left around below 1.54 area.
Pound is currently trading at 1.547 against Dollar.
Be cautious to short the Pound if floor gets broken decisively.
