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At yesterday's trading, the pound/dollar currency pair was trading in different directions, yet the bulls for the pound managed to finish trading on August 25 with a quote increase. The positive statistics on orders for durable goods did not help the US dollar, which came out better than forecast values except for orders for durable goods, excluding the defense industry. Today, at 13:30 London time, the United States will receive releases of revised GDP data for the second quarter, as well as initial weekly applications for unemployment benefits. Today's macroeconomic statistics are far from the latest. However, still, the main attention of the markets will be focused on Friday's speech by the chairman of the US Federal Reserve System (FRS) Jerome Powell, which will be held in Jackson Hole. Let me remind you that this small American town is an annual platform where the heads of the world's largest central banks outline the immediate prospects for their monetary policy.
Daily
At the same time, it should be noted that yesterday's daily candle closed above the red Tenkan line of the Ichimoku indicator. In my personal opinion, this is a signal from the bulls for the pound that they are ready to continue moving the quote in the north direction. However, the main tests for players to increase the exchange rate will begin to approach the most important mark of 1.3800. This assumption is confirmed in connection with the finding of the lower border of the Ichimoku indicator cloud at 1.3790 and the blue Kijun line of this indicator. It should also be noted that the 50 simple moving average is waiting for the pair at 1.3819. Thus, we will consider 1.3790-1.3820 as the key resistance zone in the current situation.
If reversal patterns of candle analysis begin to appear in the selected zone at this or lower time intervals, a signal will be received about the possibility of selling the pair. Also, the breakdown of the orange 200 EMA will affect the bearish course of trading with mandatory fixing under this moving average. In this case, on a pullback to the area of 1.3710-1.3740, you can prepare for the sale of the pair. And at the moment, the quote has rolled back to the Tenkan line passed the day before, so it is aggressive and risky for those who want to try buying from current prices. I recommend looking for more attractive prices for opening long positions after a short-term decline in the area of 1.3715-1.3700. If the pair falls below the level of 1.3700 and fixes below this mark, the upward scenario may have to be revised or even canceled altogether. Thus, at the moment, there are options for both sales and purchases for the GBP/USD currency pair. I believe that everything will fall into place after Friday's speech by Jerome Powell in Jackson Hole and the reaction of market participants to this event.
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