With GJ we are currently at a very important level. This particular level is a strong resistance that has been tested multiple times including Brexit and unbroken yet.
-It is key to watch if we manage to break above it. If we do then this would be a very strong signal for the recovery of the GBP.
-Chances are however that this level will hold and we might see the continuation of some more downside movements. Personally I'm biased to the downside due to the following reasons:
-Oversold RSI on daily
-Super strong resistance from trend
-0.3 fib level
-Double toping
-The recent strong GJ run should see some heat off its back
-It is key to watch if we manage to break above it. If we do then this would be a very strong signal for the recovery of the GBP.
-Chances are however that this level will hold and we might see the continuation of some more downside movements. Personally I'm biased to the downside due to the following reasons:
-Oversold RSI on daily
-Super strong resistance from trend
-0.3 fib level
-Double toping
-The recent strong GJ run should see some heat off its back
Comment:
GBP recovery is a thing! We might see some pullback but he have broken a MAJOR resistance.
