On 4H charts, shooting stars appear at 1.7597 and 1.7576 levels, gravestone at 1.7612 and the at 1.7599 levels have occurred at peaks of rallies.
After a stern rally, the price behavior has evidenced whipsaws pattern and a to conclude. Since Friday the trend has gone in the range between 1.7542 and 1.7466 levels.
Consequently, the bears managed to evidence price dips below 7SMAs, next strong support are seen at 1.7542 and 1.7529 range.
Expect more slumps on a decisive breach below this range.
While both leading ( and ) indicators are suggestive of intensified momentum.
The oscillator has been popping up with selling pressures with its %d crossover which is a indication, while has also been converging to the price dips right from the overbought zone and signals strength in its sentiments.
On the other hand, has been quite indecisive but crossover to substantiate above-stated selling interests.
Currency Strength Index: FxWirePro's hourly GBP spot index has turned into -36 (which is mildly ), while hourly AUD spot index was at shy above 10 (neutral) at 11:15 GMT . For more details on the index, please refer below weblink:
Well, contemplating above technical reasoning, on speculative grounds we advise tunnel spreads which are binary versions of the debit put spreads favoring indications.
This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 1.7567 and lower strikes at 1.7505 levels.