...then down. The pound doesn't seem to rise. Thu we we shall see a drop now or a sideward range trading.
The correction has been retraced and the yen is rising again.
The dollar passed the expected ceiling with a convincing breakout.
We are watching a rise of the pound since Friday and the retracement of this rise for 12 hours. This decline is slowing now as it has reached the bottom of its upward channel and is close to some support. I am preferring the view that the pound may continue its rise soon and may retest its February highs again.
Yesterday did not close above the 2 highs previousely taken out. I prefer to consider this as a false break up.
This should have been a bullish signal but as we opened today below the previuos candle the decline shall be rather continued.
We had seen a break through the MA 2 days ago which proved to be a false break yesterday. I.e. we shall resume the declining trend now.
The trend is up and we are facing a support which falls together with the 61.8 % retracement.
After this long steady decline we are recovering now and made a new high after what has been looking like becoming a ceiling.
We saw a new low in a downtrend and can expect a test of the November bottom again.
We are close to the previous high now, met the edge of the pitchfork which may serve as resistance and are meeting the 78 % Fibonacci retracement of the February decline which may be considered as the last resistance on the way up. So we got 3 resistances to overcome what I suggest it will not succeed imediately.
2 days ago the pound tried to stop its decline but yesterday we saw a renewed fall already. This may be taken as a sign of a failing bottom building.
Since Friday we don't see new highs. Now the candles indicate the end of the top building.
The dollar tried to compesate yesterday's decline but failed. Below the support level it is likely now that we will follow the existing downtrend again now.
I had expected that Alphabet would correct down after the slowing down of the rise within the past few hours. But it did not. Thus I am thinking that there is the potential to close the window before correcting.
We opened a window above the previous high. It may be likely that the price will further now if the window remains unclosed.
The price has just re-tested the former resistance successfully and may now continue its way up.
The window that had opened the 2nd February has just been closed again and the 38 % Fibonacci retracement has been reached at the same time. We may now see a wing back to the upside. At least a correction in the other direction may take place.