Hello guys,
After the suprise decision by the BOE on holding rates and also their hawkish view of the economy. The price was able to beat my initial resistance area that can now be seen as a box below the current price level. I have re analysed my charts and i believe that for price to keep going up we need strong economice data to support the BOE view. My next level that i will be watching is the area i have marked above price with a box. I view that area as a key prime sell area because it is a key area on higher time frame plus investors will need to see actual evidence that the BOE is right in their hawkish view of the market. Basically the area is a strong resistance level.
After the suprise decision by the BOE on holding rates and also their hawkish view of the economy. The price was able to beat my initial resistance area that can now be seen as a box below the current price level. I have re analysed my charts and i believe that for price to keep going up we need strong economice data to support the BOE view. My next level that i will be watching is the area i have marked above price with a box. I view that area as a key prime sell area because it is a key area on higher time frame plus investors will need to see actual evidence that the BOE is right in their hawkish view of the market. Basically the area is a strong resistance level.