For all that the GBP/ USD has had a nice bull run for the last few months, there is a yearly resistance that price is currently in the area of which people might want to be aware of.
On the other hand, price has broken above the old resistance (dotted blue line) which is bullish in nature, but again, people should be consious that the dotted blue line coupled...
Going off the: harmonics, trend line support and the undersold RSI this morning - price potentially could rise to 1.32 then hit resistance on the yearly downwards trend line.
If price breaks the support at lower edge of the 1st Bullish Triangle (BT1), then we could see price move lower to 1.25 where it should gain support off the monthly long term downwards trend line.
If we see a double top at the red horizontal line then it might be a bearish movement down. Price could then head towards the buy/ sell area (blue box) which is where we saw the old resistance for the double top (see red arrows)
If the price doesn't break the bullish flag swing high (17/01/17) then a double top might form. The downwards movement might reach the 50% Fib retracement of the swing high which lines up perfectly with the old resistance at 1.22. If there is a bounce from 1.22, then a channel may be confirmed.
- Price has broken down from the daily downwards channel (bottom orange line) and is potentially finding resistance on the old support.
- Support can be found on the downwards bold red line, but it could break down and bounce from the dashed blue support line at 1.19.
- Remember, Theresa May's speech on Brexit is tomorrow, so there will probably be volitility...
The price has broken down out of the bearish wedge from the 1.22 support on the news suggesting that the U.K. is heading towards a 'hard Brexit'. Price seems to have found support on the lower downwards trend line and might bounce back up to the 1.22 old support (now potential resistance).
I believe it will then trade down towards the 1.21 area which is the...
The price has over extended and might retrace back to support with in the blue circle. The circle is an area where the 500 day EMA (pink line) and long term support (blue line) meet. Therefore there is a possibly of the price rebounding to make higher highs up the wedge.
Watch out tomorrow for the monthly U.S. unemployment rate rising from 4.6% to 4.7%...
