It was only in September this year that the British Pound fell to record lows,
with the exchange rate hitting a low of 1.0356.
Price swiftly reversed after that drop and bounced hard from the record low
and back into the consolidation area.
We have seen a 19% price move to the upside, above the 1.2000 round
number. Now the next level of resistance is the 200 simple moving average.
We need to remember that price is back in consolidation, which ranges between
1.1409 and 1.4376. The consolidation area started back in October 2016, and
with the recent fake breakout of support, it is proving to be a difficult area for
price to escape from.
From a trend-following perspective, there is not much room to catch a big move,
with their being major support and resistance levels around price. However,
short-term traders may see opportunities in this forex pair.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
with the exchange rate hitting a low of 1.0356.
Price swiftly reversed after that drop and bounced hard from the record low
and back into the consolidation area.
We have seen a 19% price move to the upside, above the 1.2000 round
number. Now the next level of resistance is the 200 simple moving average.
We need to remember that price is back in consolidation, which ranges between
1.1409 and 1.4376. The consolidation area started back in October 2016, and
with the recent fake breakout of support, it is proving to be a difficult area for
price to escape from.
From a trend-following perspective, there is not much room to catch a big move,
with their being major support and resistance levels around price. However,
short-term traders may see opportunities in this forex pair.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
