Market managed to fell to test support 1.3845 as we see over the chart, while managed from there to rebound toward target zone 1.3960-1.4000 as we advised before on Tuesday.
Britain published construction sector PMI: 54,2 that is lower then the forecasted 55,5. The pound did not receive support from the black gold market positive dynamics. The financial markets showed a steady demand for "risk assets", which allowed the British currency to finish the day in the "green zone".
The price is finding the first support at 1.4000, the next one is at 1.3920. The price is finding the first resistance at 1.4080, the next one is at 1.4140.
The price is in the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement forming a “Golden Cross”.
Indicators: RSI is in the buy zone to indicate further bullish movement in this pair with some relief for now in sterling. The MACD indicator is in a neutral territory. The price is growing.
this analysis is proof for your 7 years experience bro
TheBanker
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Appreciate the kind words chief!
marcus123
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that was a very nice trade! great work!
TheBanker
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Thanks, glad you enjoyed!
canway
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crazy and awesome!!!
TheBanker
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Beautiful :)!
DamonDavies
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HIya man, You think we'll get that retracement all the way to B? Deffo worth setting up a Long for this if so.. :)
TheBanker
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Hi D, not so sure about all the way to B, the 1.41470 line is key, we saw it get pierced on the 4hourly but no close and open below so still bullish on this pair up to 1.42802 :)
DamonDavies
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Thanks man, ive got a buy order at around 1.4165, have to wait and see I guess