The pound returned to the support of 1.1170 on Friday after British Prime Minister Liz Truss sacked Treasury Secretary Kwasi Kwarteng, who had been in office for just 38 days.
And since the sell-off of the pound was emotional (-148 points), today’s opening was with a rising gap. The gap tells us that the market will try to close it, which will mean that the price will go under the support level of 1.1170, and then it may continue to decline to the support of 1.0815 – to the green price channel line.
On the four-hour chart, the price is thinking in the range of levels 1.1170 and 1.1305 on how to close the window – either from current levels, or with a preliminary test of resistance at 1.1305. Today there are no important data for the UK and the US, and tomorrow for the US there will be data on industrial production for September, which is forecast at 0.1% after a 0.2% decline in August. Until this moment, the price can feel quite freely in the range of 1.1170-1.1305. Next, we are waiting for the decline of the British currency.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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