After Janet Yellen's speech in Jackson Hole last Friday GBP/USD plunged to the
downside, disappointing the hopes that the pair might continue rising. What is
more, it also broke below the support at 1.3130, which coincided with (MA)89 on
the four-hour time-frame, as well as the one at 1.3100 and is currently still
dropping. Even more importantly, GBP/USD also formed a shooting star
candlestick on the weekly time-frame. All factors point to a new move to the
downside. I think that the pair will continue falling at least until it reaches
the support at 1.3020, and a breakout below that level could lead to a further
drop towards the previous low at 1.2865.
ReplyDeleteThe move to the downside is likely to continue.
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ReplyDeleteI agree, the pair is quite bearish.
ReplyDeleteBack to range.
ReplyDeleteThe downtrend in the long and mid-term is still in place.
ReplyDeleteGreat analysis, as usual!
ReplyDeleteGreat daily note, thank you.
ReplyDeleteVery interesting read!
ReplyDelete