Home Analysis British pound is directionless amid the financial crisis in UK

British pound is directionless amid the financial crisis in UK

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British pound is directionless amid the financial crisis in UK - forexspacex.com

The British pound is directionless on Thursday morning amid the ongoing financial crisis in the UK. Liz Truss quit the Prime Minister’s post after a backlash from party members. The pound did manage to score a few points as Liz Truss left the office. Foreign institutional investors are waiting for more clarity on the UK budget deficit which will provide some directional bias to the pound. There is still political uncertainty Which will act as a headwind for GBP/USD pair. From an economic perspective, the factory activity in the UK weakens due to energy shortage, this is bearish for the pound. 

Important Pivots on Hourly chart

NameS3S2S1Pivot PointsR1R2R3
Classic1.11661.12041.12291.12671.12921.13301.1355
Fibonacci1.12041.12281.12431.12671.12911.13061.1330
Camarilla1.12381.12441.12501.12671.12611.12671.1273
Woodie’s1.11621.12021.12251.12651.12881.13281.1351
DeMark’s1.12491.12771.1312

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