I agree. We'll have to wait and see what candlesticks the pair will form on the daily and four-hour time-frames next week below that resistance to be sure.
Upon the completion of my weekly analysis, my decision is to wait for further price action on cable. By my system, the market is in a corrective mood to the downside and there is likelihood of a bounce to the upside from around 1.32400. Trade safe.
There is a shooting star candlestick on the daily time-frame below the resistance around 1.3350 - 1.3370, so we might see a retracement soon.
I think price will go from A --> B - Hopefully a sustainable move in one direction to make a profit
The pair found next immediate support level at 1.3250, break below probably lead to further downside correction.
The pair broke above the resistance trendline of the bearish move to the downside that started on 6th September after forming a double bottom above the support at 1.3240. I think we can expect it to reach at least 1.3400.
Some murmurings about a Scotland in rest of the UK out Brexit formula.
Is something like that viable? Would definitely be a nice little trick.
I haven't heard about that. Please elaborate if you don't mind?
Pressure well remains on the downside*while dollar is strong due*to better US CPI data, Gbp/Usd broke below the psychological level at 1.3000, further decline might be expected.
I agree. On the other hand, that also depends on the kind of news FED will release next week.
Psychological support level is still at 1.3000, it is not clear any upside correction movements.
GBP/USD broke below 1.3000 yesterday, but has since started consolidating between 1.2940 and 1.3000, which will likely last until the FED news later today.
The pair may extend further decline this week after the corrective pulled back against 1.300 level.
The pair formed a doji bar and a hammer bar on the daily time frame above the support at 1.2910, I think that was the end of the drop for now.
We will see the 1.28...
Gbp/Usd is in a consolidation mood with a limited upside. Pounds stay well in the range between 1.2910 to 1.3120.
A gap down, the pair seems continue its sideway but overall downtrend movement.
GBP/USD broke below 1.2914 and it is clearly very bearish for the moment. I think that next target will be the previous low at 1.2788.
It hits 1.2818
Not only did GBP/USD reach 1.2788 but it broke below that level. I think next target is 1.2700.
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