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Gbp has been quite positive since early opening, and continues to the upside, after October Retail sales volume increase in October to 8 from a previous reading of 3. Yet from a technical point of view, 4 hours charts show pair is being capped by 20 SMA still with a bearish slope, and Pound has no enough strength yet to break to the upside. indicators are quite bullish so, if the pair manages to break the mentioned MA, likely to accelerate to the upside with immediate resistances at 1.6450, 23.6% retracement of the last daily up leg, followed by strong 1.6520 level. Supports from current level come at 1.6410, 1.6365 and 1.6320 zone.
DEAR VALERIA
you know better that GBP is in MT. range and 1.6692 top is near the 76.4% of whole drop(7042-5705) and bearish engl. candleform plus turning stc. means perfect reversal.
do you think we have another rally in near sessions and days?
REGARDS
Hi Soltani, tks for your comment. The fact is that I do expect yes, more downside rallies in Gbp, and the acceleration likely to come under 1.6240 zone. Still tomorrow we have another bunch of strong fundamentals, that could make some intraday noise. But for what we are seing in markets, dollar is pointing at least for an interesting correction. Trend change call will have to wait a bit more.
Regards
Val