Druging
the past two weeks the Cable was developoing above the crytical suppor area at
1.3500 but even the uplifted mood that brought the royal wedding couldn’t keep
it over there until today. This mornign the USD/GBP pair plummeted and pinned
fresh new 2018 low at 1.3390 as a new episode from the Brexit saga was
released. The bearish break was fueled by the that
Scottish Prime Minister Nicola Sturgeon who pledged to restart a drive for Scottish
independence.
As seen on the four hour time frame the price abandoned its latest range and now
is developing well below its bearish moving averages. RSI and stochastic are
starting to bounce from their lowest levels but yet remian below their mid-line
and seems taht are looking for direction.
However the British bears are now ruling the trend. Breaking the key support at
1.3500 is of significant importance as this is a historical level, being attarating
the bears since January 2009. So from here we might expect test of 1.3320 area
and the creation of new yearly low.
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