Sforex
Long

Sterling: Found Support and set up a case to rally.

FX:GBPUSD   British Pound/U.S. Dollar
489 0 6

- Fundamental Analysis:

Clearly, we had a dissapointed payrolls, and market punished Dollar. The probability of rate hike in Octobor definitely is erased and we must wait for more data to reinforce our belief in FED and Mrs.Yellen.

Next week, key data is BOE meeting where I expect a significant afffect on Sterling.

I think traders would very hesitate in buying Dollar for the being time : They have no reason to pricing for stronger Dollar while the context of weak data and uncertainty of FED.

Hence, I lam looking for reposition some pairs: Buying Euro             and Sterling is a good choice.

Next week, the main focus rergarding to Sterling is BOE Meeting where we have a rate vote.

Recent meeting, we see there is only one member of BOE votes for rate hike. I expect in this meeting, there will be one more member votes for this decision.

Absolutely, I know BOE will not open fire if FED don't open fire first, but a shift in the stance could provide more hope for traders to buy Sterling again.

Thus, I will buy Sterling next week.

- Technical Analysis

Look at on the chart, I see %K cut %D in the Stoch indicator.

Strong support at 1.5100 I mark on the chart.

A Doji star appear on the chart signal for a potential recovery of Sterling.

I think GBPUSD             found bottom a ready to bounce back. The target I choose is 1.5335

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