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We can say that the European and British currencies behaved just like a textbook yesterday. After a rather impressive collapse that happened on Friday, an absolutely exemplary rebound appeared yesterday. Then it shook a bit, within the statistical error, after which the market went into almost horizontal movement. And apparently, this movement will last until Thursday, that is, the last full working day of the current week. And maybe a year. Macroeconomic data that can move the market from its place will only be published on Thursday. Of course, there is still a possibility that some other factors may have an impact on the market. For example, epidemiological, as it happened yesterday with the pound. But the trouble with it is that its appearance is almost impossible to predict. But the most important thing is that the very probability of their occurrence is relatively insignificant. So the most likely development of events will be stagnation.
After speculative jumps, the GBPUSD pair returned to the base of the downward trend, where a reduction in the volume of short positions occurred due to the natural basis of the past. This led to a slowdown in the downward cycle and, as a result, to stagnation - a pullback relative to the pivot point.
The RSI technical instrument in the daily period follows between the 30 and 50 lines for the second consecutive month, which may signal a prevailing interest in the downward cycle.
The downward trend remains on the chart of the daily period. A corrective move appeared in its structure, and then stagnation in the form of a flat.
Expectations and prospects:
The pivot point in the face of the price value of 1.3170 still puts pressure on the bears, which may well lead to a technical pullback. This step allows for the subsequent construction of a flat within the boundaries of 1.3170/1.3290.
A signal to prolong the downward trend will arise from the market at the moment when the price is kept below the 1.3160 mark in the daily period.
Complex indicator analysis has a variable signal in the short-term and intraday periods due to price stagnation. Technical indicators in the medium term signal a sale due to a downward trend.
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