The British pound rose during the Friday session but found the 1.24 level to resistive to continue. By forming a shooting star, this suggests that we are
The British pound rose during the Friday session but found the 1.24 level to resistive to continue. By forming a shooting star, this suggests that we are going to pull back in a break below the bottom of the range for the day should be rather negative. I don’t think we’re going to break down significantly from here though, I think this is a short-term trade at best. There are a lot of conflicting opinions as to what the Article 50 will do to this pair, currently I believe that we will fall from here but value hunters will pick up the pieces rather quickly.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.