{"id":17596,"date":"2021-03-17T07:27:40","date_gmt":"2021-03-17T06:27:40","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17596\/"},"modified":"2021-03-17T07:27:40","modified_gmt":"2021-03-17T06:27:40","slug":"is-the-pound-sterlings-correction-complete","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/is-the-pound-sterlings-correction-complete\/","title":{"rendered":"Is the pound sterling&#8217;s correction complete?"},"content":{"rendered":"<table cellspacing=\"0\" cellpadding=\"4\">\n<tbody>\n<tr>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">Gold<\/span>\u00a0 1737,04<br \/>\n(<span style=\"color: #008000;\">+0,30%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">EURUSD<\/span>\u00a0 \u00a01,1901<br \/>\n(<span style=\"color: #ff0000;\">-0,01%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DJIA<\/span>\u00a0 32843,50<br \/>\n(<span style=\"color: #ff0000;\">-0,04%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">OIL.WTI<\/span>\u00a0 65,295<br \/>\n(<span style=\"color: #008000;\">+0,52%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DAX<\/span>\u00a0 \u00a014559<br \/>\n(<span style=\"color: #008000;\">+0,01%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\">Once again we show our favourite chart for the pound\/dollar pair. And the rising channel that we built on it long ago. And which remains unchanged until now.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nGBP\/USD<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-17597 aligncenter\" src=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/03\/GBPUSD.png\" alt=\"GBPUSD\" width=\"600\" height=\"244\" \/><\/p>\n<p align=\"justify\">What do we see on the chart? Last time we paid attention to the fact that the pound broke the upper boundary of the channel. And we noticed that from the technical point of view, such a breakdown is most often false. And so it happened this time. The British currency turned around, and correction to the lower line of the rising channel began.<br \/>\nThe price almost touched this line on Tuesday morning, and then sharply reversed and moved up. Sellers, who were playing from the upper boundary of the channel, lost their nerve, and began to take profit. And buyers also lost their nerve, so they went back to entering long positions.<br \/>\nIs the correction completed? And will we see another movement to the upper part of the channel, with the targets around 1.45 in the pair GBP\/USD? More likely yes than no.<br \/>\nWhat is the main risk of this scenario? It is that the upward movement within this channel on the daily charts has been going on for about 5 months. It is a very strong trend which only extremely lazy traders have not identified. And a lot of buyers joined this trend.<br \/>\nYes, we remember our target for the Pound\/Dollar pair of 1.5 by the end of the year. But after all, that date is still 9.5 months away. From the &#8220;evil market&#8221; point of view, of course, we want to break the channel with an abrupt move down, take off a lot of stops. And then turn around and go back up again in the opposite direction. That is why traders, especially those with big leverage going long, have to be extremely careful.<\/p>\n<p align=\"justify\">11.00 EU consumer price index for February<br \/>\n13.30 Canada Consumer Price Index for February<br \/>\n19.00 US Federal Reserve interest rate decision<\/p>\n<hr \/>\n<p style=\"text-align: center;\" align=\"justify\">Important Notes on This Publication:<small> <\/small><\/p>\n<p align=\"justify\"><small>The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0 1737,04 (+0,30%) EURUSD\u00a0 \u00a01,1901 (-0,01%) DJIA\u00a0 32843,50 (-0,04%) OIL.WTI\u00a0 65,295 (+0,52%) DAX\u00a0 \u00a014559 (+0,01%) Once again we show our favourite chart for the pound\/dollar pair. And the rising channel&#8230;<\/p>\n","protected":false},"author":37,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is the pound sterling&#039;s correction complete? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"Once again we show our favourite chart for the pound\/dollar pair. 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