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Again following yesterday’s post, the pair accomplished the proposed target zone for the intra day movement, and remains well above the 1.8514 level, first support to consider today, followed by the zone around 1.8480/60, 1.8410 and finally 1.8350 not seen for today. Regarding resistances, above 1.8600 the pair will be targeting yesterday’s max at 1.8641 that if broken, again could trigger bullish momentum in the pair, first to the zone around 1.8710 and finally close to the 1.8800 level.
Taking a look at bigger charts, and despite the strength of the bullish movement, the zone around 1.8600/50 seems to be the first key level to watch, followed by the very strong 1.8800 mentioned for the intraday, as it also represents the 50% of the last weeks fall measured from 2.0158 to 1.7446. A confirmation above that level, could mean a continuation first to the zone around 1.8950 and finally to 1.9120, the 61.8% of the mentioned rally that should offer quite a rebound to the downside. Like the Eur, the pair has broken yesterday the 38.2% level at 1.8483, major support and remains above it, after testing it earlier today. As long as this level remain unbroken, chances say to the upside. A Daily candle opening under it, will surely mean further falls at least to the zone around 1.8400 and 1.8280. Further falls don’t seem likely at least for this week.
Hi,
Its good peice of work.
what is your take on GBP for next 6 months?
Do u expect GBP to drop to 1.65?
regards
Krishna
Hi Krishna and thanks. The fact is that such a fall is very far from my sight right now. Remember the monthly trend line we saw right after the price reach the 1.7446 minimum this month? Well the line was just 40 pips under that minimum, and we could consider a huge rebound from that zone. I believe only a confirmation under the trend line (right now @ 1.7390)could send Gbp to at least 1.68, and that’s as far as I can see ir right now, yet we are very far away. On the other hand, above 1.86 first and 1.88 then (more likely at this moment)will trigger a major rally to the upside.
Regards
Val