Today it has
been a calm day in the financial markets. Most of Europe was closed including
the United Kingdom. That is why we have seen the Pound stay in a sideways
movement versus the Dollar around the 1.6800 level. The longer the price stays
oscillating around a support or resistance zone, the higher the probabilities
of it breaking it.
During the
last few days, the volatility on the pair has decreased, just as we see it on
the daily chart below, courtesy of the
Forex Broker Activtrades http://www.activtrades.co.uk/. We can
see that the bodies of the candles are very small, showing us that the pair is
very unpredictable around this zone.
Never
the less, let us pay attention to a possible breakout on the GBP/USD of the
1.6800 level to the upside. The upward momentum can take the price to the next
round number of 1.6900 or even the 1.7000. Above the 1.7000, there is a last
historical resistance at the 1.7040 level.
Looking good for a break to the upside.
ReplyDeleteIt seems it doesn't want to stop climbing.
ReplyDeleteIf the current consolidation holds I will long cable
ReplyDeleteHi Peeter join the club have a very small long for a while that has been keeping me happy.
Delete