The Pound
versus the Dollar had been consolidating for the past few days between the
1.5700 level as support and the 1.5800 level as resistance. For today the
Dollar strengthen versus its main counterparts and that is why we see a
breakdown below the 1.5700 level and yesterday’s low. On the one hour chart of
the GBP/USD we can see how the bearish momentum accelerated once the price
broke below the 1.5700 level and it is currently trying to visit the 1.5600
level. If there is a visit to the 1.5600 level, then the price may try to stall
there or even bunce to the upside, but if the Dollar keeps gaining ground, then
the bearish trend may continue.
It will likely keep dropping towards 1.5430.
ReplyDeleteI agree with bearish scenario.
ReplyDeleteVery good analysis
ReplyDeleteBearish trend continues.
ReplyDeleteIt could have found some support on the 1.56 level.
ReplyDeleteGood analysis!
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteThanks for the analysis!
ReplyDeleteExcellent analysis.
ReplyDelete