we wrote: We are in a 1 month bear trend and with yesterday’s negative candle this pattern looks likely to continue pushing prices lower.
The pair collapsed as predicted hitting all targets as far as strong support at 1.3710/1.3690. Guess) what? We bottomed exactly here.
holding first resistance at 8565/75.
GBP/USD is lower as predicted to strong support at 1.3710/1.3690. We bottomed exactly here. A break below last week’s low of 1.3668 risks a test of the 100 day moving average at 1.3635/30.
Gains are likely to be limited with first resistance at 1.3760/80. A break above 1.3800 however allows a recovery towards strong resistance at 1.3850/60. Watch for a high for the day here.
EUR/GBP holding the next downside target of 8500/8490 so far this week. Obviously this is today’s support level. A break below 8475 however risks a slide to 8450/40. First resistance at 8565/75. Bulls need a break above 8585.
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