The GBP/USD
tries to go back up towards the 1.2500 level as shown on the daily chart, but
in reality the pair has no clear direction and it is consolidating with the 55
day EMA (purple line) acting as a very good support zone. The intraday
volatility has been high, but there is no clear trend on the GBP/USD. If the
price breaks to the upside, then the 1.2600 level may act as a resistance as it
did in the past. Above the 1.2600 level, the next resistance could be the
1.2700 zone, where we can also find the 200 day EMA (blue line) and which can
contribute to making that zone a good resistance area. Below the 1.2400 level,
the support levels could be any of the round number zones like the 1.2300,
1.2200, or 1.2100 levels.
Still consolidating.
ReplyDeleteConsolidation will likely continue until the fundamentals tomorrow.
ReplyDeleteThank you for the assessment.
ReplyDeleteGood point, will keep it in mind!
ReplyDeleteGood take on markets, really insightful.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteGreat post! Thank you!
ReplyDelete