Earlier
this week I predicted that GBP/USD would reach 1.5270 and not only did the pair
reach that level, but it broke below the support coinciding with the (89)MA and
continued dropping until it reached 1.5230. This is a pretty serious level of
support and understandably the pair bounced off it before the market closed for
the weekend. The question is, will the pair manage to break below that level?
It is quite possible, but at the same time I will definitely be on the lookout
for any candlestick formations that indicate a move to the upside. In case it
does break below that support, I think GBP/USD will continue descending until
it reaches 1.5150.
Looks like it will keep pushing lower.
ReplyDeleteExcellent analysis. thank you.
ReplyDeleteVery good analysis! Let's see what will happen next week!
ReplyDeleteGreat analysis indeed.
ReplyDeleteWe have event-driven high risk week ahead of us, I think by the end of next week, we should have a clear picture of which way this pair will be trading in the future.
ReplyDelete