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The pair is falling unstoppable (already 400 pips from the maximum) and without signs of finding a near term bottom, after clearly broken the ascendant daily trend line that was guiding the pair. Actual minimum around 1.7960 will be the first support to consider, yet under it, the pair could easily continue to the zone around 1.7910/20, that does not seem strong enough to hold: a confirmation under it, will send the pair to 1.7850/60, stronger zone and tops for today. From actual 1.8005 resistances will be at 1.8040, followed by the zone around 1.8100, 1.8155 and finally the zone around 1.8229.
Hi,
I just bot 1/2 mio GBP at 1.800 level and like to avg if I get a dip to 1.7800 area…. I am targeting 1.8200/8300 levels to book porfit…. 1 month trade idea…. keeping stop below 1.7700
I need your view on GBp for next 1 month…. do you expect GBP to bounce towards 1.82/83 levels?
kind regards
Krishna
Hi Krishna, hope you are fine! Due to actual market situation, I think is kind of risky trade: GBP could well fall to monthly minimums and stop in that case, will be at least closer to 1.7550 than 1.77. Yet still we have a gap around 1.84, and we now, they get filled almost all the times, yet who can say when? Not today that’s for sure: watch the 1.8100 level: a confirmation above it will surely give your proposed target.
Good luck!
Regards
Val
Do you think that eur/usd shall maintain its downward movement through out this week/
Hi ngozi! to tell you the true, in part yes I expect the downtrend to continue at least till Wednesday. But the last days of the week could bring some interesting upside movements if so; however, be cautious: after this huge fall, corrections to the upside should take place. We must pay attention wether they could end: I believe 1.4450 zone will be the tops for eur/usd upside correction, at least for today. I don’t dare to forecast much more, due to these days quite high volatility. Above the mentioned zone, the pair could regain bullish strength (remember the gaps both pairs have) yet I can not see that for now.
Regards
Val