Price Action Talking
The GBP has taken a dive down since its peak on 19th of Septemeber....
We could see the key levels encircled with green color.... It took a really strong bull candle to break the key level on the 18th of September which then lead to a new high of 180.692 before taking a dive back down.
As the price dove back down, we could again observe the key level supporting the price before a strong bear candle broke through to the downside....
And ever since, the price after touching 177.447 has tried to break to the upside which is again resisted by the key levels in green encircling.
With the candles making higher lows and the three repeated rejection of the resistance levels from the green circle has created a bullish squeeze (orange eclipse).
The price approaching the level again gives a long signal. And with already three rejections of the resistance levels, we could expect the price to break towards the upside with a strong force in the following hours....
A good opportunity when the price retests the support after the breakout.... And with the sort of bullish squeeze, the price is expected to reach atleast .618 retracement of the swing low....
The GBP has taken a dive down since its peak on 19th of Septemeber....
We could see the key levels encircled with green color.... It took a really strong bull candle to break the key level on the 18th of September which then lead to a new high of 180.692 before taking a dive back down.
As the price dove back down, we could again observe the key level supporting the price before a strong bear candle broke through to the downside....
And ever since, the price after touching 177.447 has tried to break to the upside which is again resisted by the key levels in green encircling.
With the candles making higher lows and the three repeated rejection of the resistance levels from the green circle has created a bullish squeeze (orange eclipse).
The price approaching the level again gives a long signal. And with already three rejections of the resistance levels, we could expect the price to break towards the upside with a strong force in the following hours....
A good opportunity when the price retests the support after the breakout.... And with the sort of bullish squeeze, the price is expected to reach atleast .618 retracement of the swing low....