The British pound fell significantly during the week, testing the 1.2850 level for support. Not only that, there is a potential uptrend line that dissects
The British pound fell significantly during the week, testing the 1.2850 level for support. Not only that, there is a potential uptrend line that dissects the market right there, so I think that the next candle could be rather important. Currently, it does look like for try to break down and if we do break below the 1.28 handle, I think the sellers will jump in and push this market towards the 1.25 level. Alternately, a bounce could happen but I’m not interested in buying that bounce until we clear the 1.30 level handily, perhaps on a daily chart. Overall, it looks as if the sellers are out in full force when it comes to the British pound around the Forex world.
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.