The
Brexit vote turned the cable to choppy-fashioned mood and the strong turbulence
continues to hold the sentiment and the volume measures to extened losses.
If framing the long term development, yesterday’s
low at 1.2788 is located at the 78.6% retracement level of the 1985 low to the
2007 high. The significance of this level should be consindered as a key support and a possible
break below would lead the GBP/USD pair downward to levels of 1.2450 or lower.
In case the pair manage to improve its strength, the key level to watch is 1.3118 - 27th June’s high, currently acting as a resistance zone. If walking below this level, bears will disturb the sound of silience. If going above, a strong rally is expected.
Anyway, the alert is on 1.2788 and 1.3118 as these levels define the short-term devolepment. Be cautious, the door is open towards the stairway to heaven either to the highway to hell.
In case the pair manage to improve its strength, the key level to watch is 1.3118 - 27th June’s high, currently acting as a resistance zone. If walking below this level, bears will disturb the sound of silience. If going above, a strong rally is expected.
Anyway, the alert is on 1.2788 and 1.3118 as these levels define the short-term devolepment. Be cautious, the door is open towards the stairway to heaven either to the highway to hell.
No comments:
Post a Comment