Wednesday, January 10, 2018
Possible bearish breakdown on the Pound
The
GBP/USD has found a good resistance zone at the 1.3600 level from where it
bounced to the downside to the 1.3500 level and forms what it appears to be a
bullish flag on the daily chart. The price of the GBP/USD has been really
consolidating between those two levels without taking a clear direction.
However, during the last trading sessions, the candles have been bearish and
the price has tried to break below the 1.3500 level. If the GBP/USD breaks
below the 1.3500 level, then it could visit the 1.3400 level where we can also
find the 55 day EMA. To the upside, the 1.3600 level could still act as
resistance, but a breakout of that level could take the pair to the 1.3700
level.
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Decline still has further room to run toward 1.34.
ReplyDeleteIt bounced off from 1.3455.
ReplyDeleteI'll keep your assessment in mind.
ReplyDeleteThe pair did amazing rally and marked a fresh new more than a year high.
ReplyDeleteGood to know!
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDeleteGood post!
ReplyDeleteI will keep close eye on the pair.
ReplyDelete