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Despite the fact that after a rather long and impressive growth of the pound on the market, a pullback suggested itself, the British currency continued to strengthen its positions, eventually rising above 1.16. And all this happens amid a completely empty macroeconomic calendar. Investors seem to be placing excessively high hopes on today's board meeting of the European Central Bank. Market participants are waiting for the ECB not only to raise the refinancing rate by seventy-five points, but also assurances that it will continue to grow at the same pace. Whereas in the United States, there are more and more signs that the Federal Reserve is about to start cutting interest rate hikes. So much of today depends on the words of ECB President Christine Lagarde. And it is quite possible that until the beginning of her press conference, the market will simply stand still.
Refinancing rate (Europe):
The GBPUSD currency pair overcame the resistance area of 1.1410/1.1525 during the inertial upward movement. As a result, this step led to the prolongation of the current corrective move from the low of the downward trend.
The RSI H4 technical instrument is moving above the 70 line for the second consecutive day, which indicates that long positions in the pound are overheating. The RSI D1 is moving in the upper area of the 50/70 indicator, which indicates a change of trading interests in the market.
The moving MA lines on the Alligator H4 are directed upwards, which corresponds to an ascending cycle. Alligator D1 has the prerequisites for growth, the moving MA lines are trying to get out of the intertwining stage, along an upward trajectory.
Expectations and prospects
In this situation, there is a clear technical signal about the overheating of long positions in the pound. This may lead to a slowdown in the upward cycle, as a result of a price pullback towards the previously passed resistance area.
At the same time, there are plenty of speculators on the market who can ignore the signal about the overbought pound in vain. In this case, keeping the price above the 1.1650 mark may prolong the current momentum towards the subsequent resistance level of 1.1750.
Complex indicator analysis in the short, intraday and medium-term periods has a buy signal, due to the inertial upward movement of the price.
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