THE BRITISH POUND BOUNCED BACK AND FORMED TRIPPLE BOTTOM
The 200 days EMA continues to attract a lot of attention, including the 1.3700 level, which offers quite a resistance and support in the past. The price bounced back from 1.3600 level and formed a triple bottom on a daily chart, and created a key support level to which traders from all over the world will pay special attention. If the price will turn around and break down below the 1.36 level, it would negate the possibility of the triple bottom, and it would be an extraordinarily negative sign of things to come. At that point, the sellers would almost certainly overwhelm the market, and it is possible to send the pair much lower to 1.3500 or far below to 1.3200.
If the price break above the high from the last week and 200-EMA, which stops the price several times, it will activate the attention of buyers. If the market is breaking above the zone 1.3900-1.4000 would undoubtedly open up the possibility of a bigger move to the upside. At that point, the investors would become aggressively long of the pound, and it would be possible to test the previous highs from February and May 2021 at around 1.4250.
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If the price break above the high from the last week and 200-EMA, which stops the price several times, it will activate the attention of buyers. If the market is breaking above the zone 1.3900-1.4000 would undoubtedly open up the possibility of a bigger move to the upside. At that point, the investors would become aggressively long of the pound, and it would be possible to test the previous highs from February and May 2021 at around 1.4250.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.