Thursday, April 5, 2018
How low may the Pound drop?
On
the 4 hour chart of the GBP/USD we can see that the price has broken below the
200 week EMA at the 1.4041 level and below the 200 period EMA on the 4 hour
chart at the 1.4000 level. The pair has dropped very close to the 55 day EMA at
the 1.3957 level. This whole area is clearly a very good support zone due to
the confluence of moving averages on different time frames like the weekly,
daily, and 4 hour charts. Even if the price of the GBP/USD keeps dropping, the
1.3900 level may act as support. To the upside, the most relevant resistance
level is at the 1.4100 zone, followed by the 1.4200 level.
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Will keep in mind these levels.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteAnd believing it shall test the 1,38352 level.
Seems like 1.39 could be a good turning point.
ReplyDeleteInteresting analysis.
ReplyDeleteInteresting analysis, thanks.
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteIt's testing the resistance at 1.4100 again.
ReplyDeleteThe NFP caused an impressive rally.
ReplyDelete