The Pound
versus the Dollar has broken and important trendline to the downside today,
which we had noticed and identified a few days ago. Actually, the line that the
price has broken to the downside is the lower trendline of a symmetrical
triangle on the daily chart of the GBP/USD. On the chart we can also see that
the price has found a good resistance on the 55 day exponential moving, purple
line. At the moment, the price has found a good support at the 1.4300 level,
but if it breaks that level to the downside, the 1.4200 or the 1.4100 could act
as support.
Great assessment. I'll keep a close eye on the currency.
ReplyDeleteIt has space for further decline!
ReplyDeleteIt broke below 1.4300 but found support at 1.4230.
ReplyDeleteVery useful analysis.
ReplyDeleteIt was a heavy and volatile day for this pair as an interesting macro data infuenced the session today.
ReplyDeleteInteresting analysis.
ReplyDeleteGood post.
ReplyDeleteVery useful information.
ReplyDelete