GBPUSD: Month-End Update and next Trade Points from Here
GBPUSD Update 31st May Month End
Streling has fallen to the downside target at 1.3301 after a
low at the old 1.3219 support line for a 150 pip or so profit.
Eventually it should fall away further to the next support line
at 1.3029 but in the near term the counter-rally is already
pushing the upper dynamic at 1.3345. It should stop here
really looking at this chart in isolation. But DXY looks like it
has more unwinding to do in near term and so this could push
higher still from here.
The difficult bit in the immediate near term is figuring
whether the near term reversal point is right here at 1.3345
or at the next line above here at 1.3462 - but it's going to fall
away again from one of these two lines most likely and then
test 1.3029 in June.
Streling has fallen to the downside target at 1.3301 after a
low at the old 1.3219 support line for a 150 pip or so profit.
Eventually it should fall away further to the next support line
at 1.3029 but in the near term the counter-rally is already
pushing the upper dynamic at 1.3345. It should stop here
really looking at this chart in isolation. But DXY looks like it
has more unwinding to do in near term and so this could push
higher still from here.
The difficult bit in the immediate near term is figuring
whether the near term reversal point is right here at 1.3345
or at the next line above here at 1.3462 - but it's going to fall
away again from one of these two lines most likely and then
test 1.3029 in June.