Implications and Outlook
1. The technical snapshot appears to be extremely bearish, especially when taking into consideration how the British Pound plummeted to a ten-month low beneath 1.30200 this morning trading session. Continual weakness beneath 1.30500 (Yearly Low) might stimulate a downfall towards 1.29500 inner Currency Dip.
2. The price action momentum is confirming its inner Currency Dip 1.29500 by peel-off Key Resistance 1.32860 level generated on July 9.
3. The fulfillment of the intermediate inner Currency Dip will undoubtedly create major medium-term bearish implications, by a journey to main Currency Dip 1.28100 in the mean interim.
4. Current Currency Strategy Bias: Bearish 70 / Bullish 30
1. The technical snapshot appears to be extremely bearish, especially when taking into consideration how the British Pound plummeted to a ten-month low beneath 1.30200 this morning trading session. Continual weakness beneath 1.30500 (Yearly Low) might stimulate a downfall towards 1.29500 inner Currency Dip.
2. The price action momentum is confirming its inner Currency Dip 1.29500 by peel-off Key Resistance 1.32860 level generated on July 9.
3. The fulfillment of the intermediate inner Currency Dip will undoubtedly create major medium-term bearish implications, by a journey to main Currency Dip 1.28100 in the mean interim.
4. Current Currency Strategy Bias: Bearish 70 / Bullish 30