Thursday, February 8, 2018
Change of direction to the downside on the Pound?
The
GBP/USD has formed what it appears to be a double top formation around the
1.4300 level, which normally acts as a bearish reversal pattern. The price of
the pair has fallen to the 1.3900 level and the last daily candle has a
relatively long upper shadow with a small real body, which is an indication
that the bears took control of the market towards the end of the session. The
price of the GBP/USD may continue falling, but the 55 day EMA around the 1.3749
level could act as support. Below that moving average, the 1.3600 level could
also act as support. To the upside, any of the round number levels could act as
resistance, but a better resistance could be the 1.4300 level and in order for
the pair to go back to its bullish trend it must break above the 1.4400 level.
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Looks like it will keep pushing lower.
ReplyDeleteGood to know, thanks!
ReplyDeleteThank you for the analysis.
ReplyDeleteVery accurate assessment.
ReplyDeleteThe pair is closing the week under 1.40.
ReplyDeleteGood post. Very helpful.
ReplyDeleteThanks for such an informative analysis.
ReplyDelete