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
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.1166 | 1.1204 | 1.1229 | 1.1267 | 1.1292 | 1.1330 | 1.1355 |
| Fibonacci | 1.1204 | 1.1228 | 1.1243 | 1.1267 | 1.1291 | 1.1306 | 1.1330 |
| Camarilla | 1.1238 | 1.1244 | 1.1250 | 1.1267 | 1.1261 | 1.1267 | 1.1273 |
| Woodie’s | 1.1162 | 1.1202 | 1.1225 | 1.1265 | 1.1288 | 1.1328 | 1.1351 |
| DeMark’s | – | – | 1.1249 | 1.1277 | 1.1312 | – | – |
Ref link
Disclaimer
Forex trading can be extremely risky and should only be done in the presence of an expert. We do not recommend any currency pairs or options to buy or sell to our readers. Forecasts or articles available on this website do not constitute investment advice and are only for general information. Kindly consult with a professional financial advisor before using the information on this website for trading or investing.
