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The Pound has taken back most of the ground lost on Wednesday, and is trading in the area of 1.3830 on Thursday’s early London session, after bouncing at 1.3750 lows, with the four-year highs of 1.3870 at a relatively short distance.The US Dollar bounced up on Wednesday, following a hawkishly tilted
💡 DMK Insight
The Pound’s recovery to around 1.3830 signals potential bullish momentum, especially after bouncing off the 1.3750 support level. Traders should note that the proximity to the four-year high of 1.3870 could trigger further buying interest, particularly if the US Dollar’s recent strength falters. A sustained break above 1.3870 might attract momentum traders, while a failure to hold above 1.3750 could prompt a reassessment of long positions. Keep an eye on economic data releases and central bank commentary, as these could add volatility and influence the Pound’s trajectory. Additionally, the correlation with the Euro could provide insights; if the Euro strengthens, it may bolster the Pound further. Watch for any shifts in sentiment around the US Dollar, as its hawkish stance could impact the Pound’s ability to maintain upward momentum. The next key levels to monitor are 1.3750 for support and 1.3870 for resistance, with potential implications for short-term trading strategies.
📮 Takeaway
Traders should watch the 1.3750 support and 1.3870 resistance levels closely for potential trading signals in the Pound.
