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Same perspective here, Gbp looks much more bearish than Euro, after that weekly reversal candle that failed to break above the 50% retracement of the monthly rally. This week opening under the 20 SMA, was a first warning of a fall coming, as we always talk in the Wrap Up Webinar, Gbp works great with that MA. Pair is now, under the 38.2% of the rally. Weekly close under that 1.6030 area, will suggest pair should resume downtrend. Indicators are strongly bearish also, so let’s see today’s close.
For today, you can see that 4 hours charts are a bit over extended, suggesting some upside corrections, that anyway and till now, had retreat from the Fibo zone (Tks Puru!). Consider resistances for next hours at that area, followed by 1.6060 and 1.6110 neck of the head and shoulders daily figure, broken yesterday. Supports today, lie at 1.5970 and 1.5920 zone. Clearly under that level, 1.5860 is next target ahead of stronger 1.5750.
