Type : Bearish Momentum
Resistance : 1.1953
Pivot: 1.1895
Support : 1.1783
Preferred Case: On the H1, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 1.1895 in line with the pullback resistance to the 1st support at 1.1783 where the 161.8% fibonacci extension and 100% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 1.1953 where the pullback resistance is.
Fundamentals: With no major news events ahead, and the dovish sentiment across the UK and the Eurozone, further downside can be expected, which gives us a bearish bias on the British Pound.
Resistance : 1.1953
Pivot: 1.1895
Support : 1.1783
Preferred Case: On the H1, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 1.1895 in line with the pullback resistance to the 1st support at 1.1783 where the 161.8% fibonacci extension and 100% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 1.1953 where the pullback resistance is.
Fundamentals: With no major news events ahead, and the dovish sentiment across the UK and the Eurozone, further downside can be expected, which gives us a bearish bias on the British Pound.
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