The market keeps falling. Yesterday, we could see an attempt to bounce from 1.27000 support level but this attempt failed. Now the price breaks the support and we have a strong bearish signal. In spite of RSI reached the oversold zone, MACD and DMI support the further downward movement and the strength of sellers.
It looks like the market is going to reach 1.25000 support zone and this zone will be able to become a local bottom. If the price bounces from 1.25000, we should be ready to see the correction movement which also can be used for buying.
..until Brexit will be resolved somehow. So theoretically there is no bottom :D
MoneebRahhal
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Hello,
what do you think?
Regards,
SalviG
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@DLavrov thank you for the analysis Dimitri.
Do you think that the price can bounce up from weaker support levels based on 4h timeframe? You work with 1D timeframe?
dean_rcg
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Isn't it completely dependent on Brexit negotiations at the moment?
DLavrov
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@dean_rcg, yes, fundamental reasons act very important role here.
dean_rcg
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@DLavrov, Thanks, if May puts MV4 forward it will lose and this could cause the GBP to drop a bit more I feel.