The Pound
versus the Dollar has been falling lately and even though the bearish trend is
still in place, during the last few daily candles we can see that the price has
consolidated around the 1.4400 level. It is normal for price to try to rest
after the big drop, but the bearish trend is still in place and it may try to
continue going lower. To the downside, the 1.4300 level could act as its next
support. To the upside, in case the price retraces, the 1.4600 may act as a
resistance. The 1.4500 level is too close to the current price level, and that
is why that level should not be considered an important resistance area.
It could be at a good turning point.
ReplyDeleteThe pair will likely reach 1.4250 - 1.4200.
ReplyDeleteVery useful analysis, thank you!
ReplyDeleteGood analysis!
ReplyDeleteExcellent analysis, Thanks for sharing.
ReplyDeleteNicely spotted analysis, thank you.
ReplyDeleteUseful analysis.
ReplyDelete