Good morning Traders and welcome back to my page at the wake of this London session!
The Great British Pound is currently trading at 1.87900 against the New Zealand Dollar during today's London session.
Looking at the weekly timeframe , we have had a shooting star printed that managed to reject our weekly resistance of 1.90000 and closed just above 1.85800. Overall a range in between these two key market levels.
Following through to our daily timeframe we can see price has been heavily bearish down to 1.85800 where it has not managed to break through downwards and currently rising - overall ranging around this region.
Fundamentally, Pound continues under pressure after UK PM Boris Johnson suffered a defeat in UK courts when a judge ruled that he could not prorogue parliament alongside Q2’19 UK GDP report which was surprisingly weak.
I am currently waiting for the closure of our Daily candlestick to take action on this pair. If it closes above our weekly resistance of 1.87000 I will take this pair to our next weekly level around 1.90000, a change of bias for me would be a body closure below 1.87000 and heavy bearish pressure to the downside all the way down to 1.83000.
Good morning Traders and welcome back to my page at the wake of this London session!
The Great British Pound is currently trading at 1.88900 against the New Zealand Dollar during today's London session.
We have seen this pair close above our weekly resistance of 1.87000 and already rise 200 pips from that level as previously stated. Our target now is the key level of 1.90000 (300 pips all together). Once reached we will either awake a break and retest of the same or a drop from that level but down towards 1.87000.
Until then have a good weekend and see you here next week so we can catch more pips together!
Happy trading everyone!
WajahatAwan77
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So today candle has to close below 1.8700 for any downside?
MarianaBrandi
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@awanje, Exactly, in this case we saw a closure above 1.87000 so that would have been the perfect confirmation to take this pair up to the next key level of 1.90000
The Great British Pound is currently trading at 1.88900 against the New Zealand Dollar during today's London session.
We have seen this pair close above our weekly resistance of 1.87000 and already rise 200 pips from that level as previously stated. Our target now is the key level of 1.90000 (300 pips all together). Once reached we will either awake a break and retest of the same or a drop from that level but down towards 1.87000.
Until then have a good weekend and see you here next week so we can catch more pips together!
Happy trading everyone!