The British pound initially went higher during the day on Thursday but found enough resistance of the previous 50% Fibonacci retracement level again to
The British pound initially went higher during the day on Thursday but found enough resistance of the previous 50% Fibonacci retracement level again to turn things around and start falling. The market has a supportive trend line underneath, and because of this it looks as if the market will have a bit of support to deal with. If we can break down below the 1.25 level however, the market should continue to go much lower, perhaps down to the 1.23 handle. I think that rallies will continue to offer short-term selling opportunities on signs of exhaustion.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
