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While candles are slightly bullish, indicators are turning to the downside after this last 4 hours candle openning. The pair is right now, fighting an ascendant trend line at 1.6183 with a tough congestion zone @ 1.6160. Only under this value, the pair could run to the downside, with next supports at 1.6105 and finally the zone around 1.6060. Resistances on the other hand are at 1.6210, followed by the zone around 1.6243 and finally 1.6297.
Dear Val
I read your market views every day and it is really objective and interesting.Today I found that GBP dropped beyond your lower level expected support 1.6060 and reached 1.5924 just during start of US session and making the slow recovery now.Now what level could act as initial reisitance on the upside having seen the lower low?
Regards
Dr.Sivaraman
Hi Dr. Sivaraman! How nice see you here again. My apologizes for not answering directly your previous intervention, the fact is I was a bit too tired of “global crisis” “recession fears” “risk appetite”, something like same old situation, coming over and over, and becoming boring. Anyway, about GBP, well is my mistake: i don’t get use to the 500 pips average the pair is moving these days. Anyway about levels, I believe 1.6000 zone is the major resistance the pair has right now. I will made a post today about this.
Regards
Val