The GBP/USD
has kept a sustained drop since it last visited the 1.7200 level. On the daily
chart below, we can see how the pair has reached the 76.4% Fibonacci
Retracement and tries to bounce to the upside from that level. A little bit
below that level, we also have the 1.6800 round number level, which could also
act as a support zone. The small rally on the pair for today was caused by the
worse than expected NFP reading out of the US, but if for next week the
fundamentals from the US continue to come out better than expected, we may see
a break below this support zone.
i hope for a rebound 3 weeks downtrend is enough
ReplyDeleteExcellent analysis, you hit the essence.
ReplyDeleteevery good analysis.
ReplyDeleteVery nice post, thank you.
ReplyDeleteGood point, I'll be watching.
ReplyDeleteGood analysis on this pair, very helpful.
ReplyDeleteVery informative! Thanks.
ReplyDelete