Current trend
The pair has finally managed to break down the important support at 1.2860, which makes the Pound more vulnerable. The British currency has been falling for the last few weeks and now, when the important support area is broken, it is only a matter of time before the pair falls even further to the region of 1.2600.
The Pound will probably remain under pressure in the short- and medium-terms as the process of Brexit is likely to be prolonged. Many important factors such as the country’s access to the European markets yet remains unclear for investors.
Due to the lack of important data from the US or UK today, the pair will continue trading with low volatility.
Support and resistance
On the 4-hour chart, MACD histogram remains below the zero and signal lines and its volumes are growing. Stochastic lines are in the oversold zone. The indicators signal sales.
Support levels: 1.2780, 1.2720, 1.2670.
Resistance levels: 1.2845, 1.2900, 1.2970.
Trading tips
Short positions can be opened below the level of 1.2780 with the target at 1.2720 and stop-loss at 1.2800.
Long positions can be opened after the price consolidation above the level of 1.2850 with targets at 1.2900, 1.2970 and stop-loss at 1.2810.
Validity – 1-2 days.
The pair has finally managed to break down the important support at 1.2860, which makes the Pound more vulnerable. The British currency has been falling for the last few weeks and now, when the important support area is broken, it is only a matter of time before the pair falls even further to the region of 1.2600.
The Pound will probably remain under pressure in the short- and medium-terms as the process of Brexit is likely to be prolonged. Many important factors such as the country’s access to the European markets yet remains unclear for investors.
Due to the lack of important data from the US or UK today, the pair will continue trading with low volatility.
Support and resistance
On the 4-hour chart, MACD histogram remains below the zero and signal lines and its volumes are growing. Stochastic lines are in the oversold zone. The indicators signal sales.
Support levels: 1.2780, 1.2720, 1.2670.
Resistance levels: 1.2845, 1.2900, 1.2970.
Trading tips
Short positions can be opened below the level of 1.2780 with the target at 1.2720 and stop-loss at 1.2800.
Long positions can be opened after the price consolidation above the level of 1.2850 with targets at 1.2900, 1.2970 and stop-loss at 1.2810.
Validity – 1-2 days.