After losing momentum after testing the 1.43 level on the Daily time frame price has moved lower and has formed a bear Doji candle. This indicates some indecision in the markets at the moment, Sterling trying to find its ground moves lower and lower breaking the 1.4 level. Hovering just below this level price action needs to decide if GBP will find itself heading to our major daily support @1.38. Perhaps we could see a retracement to the upside if we break through our 1.4 level of resistance. If so we might see price reach such levels as 1.414, or even 1.417 acting as the resistance targets. Patience is key in seeing whether the bears will overrule the indecision phase and head to our more defined support targets at 1.38544 and lower still 1.376. Having tested the 1.38544 level once already, we could see a break without a retracement. Thus this indecision phase can add some momentum to this pair and show us the path to success.
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Thanks Again - Alex
Thank you for reading!
I appreciate the time you take to have a glance at my ideas.
Leave a like or comment if you enjoyed this or found it helpful!
Thanks Again - Alex