The British pound remains above the 200 day moving average periods (blue) and above the daily fractal. Both levels add strength to the upward movement. Today the pair just had a rebound to that level, testing the strength of this support.
Given that, the sentiment remains bullish in the short term and we recommend buying at 1.5770, with objectives at 1.5920.
There is some doubt that the Federal Reserve will ease monetary policy in September, but the interest rate differential is safe within this currency pair and people will take it as such. The British pound should be further strengthened against the U.S. dollar for the foreseeable future.
Therefore, our outlook remains upward on this pair above 1.5700.
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