Potential continuation of the downtrend.
Relatively negative news for GBP at the moment with more threats of a second lockdown and with coronavirus cases rising.
The dollar is picking up strength at the moment so may see the £ weaken further.
1Hr chart has seen a consolidation of the price through the Asian Hours and then a short in price running up to the opening of the European session.
Stochastic showing a price reversal on both 1Hr and 4Hr chart.
Daily suggesting the price may continue down to the 1.16037 support line.
Entry: 1.16957
SL: 1.17378
TP: 1.16284
Relatively negative news for GBP at the moment with more threats of a second lockdown and with coronavirus cases rising.
The dollar is picking up strength at the moment so may see the £ weaken further.
1Hr chart has seen a consolidation of the price through the Asian Hours and then a short in price running up to the opening of the European session.
Stochastic showing a price reversal on both 1Hr and 4Hr chart.
Daily suggesting the price may continue down to the 1.16037 support line.
Entry: 1.16957
SL: 1.17378
TP: 1.16284
Trade closed: stop reached