Good morning Traders and welcome back to my page at the wake of this London session!
The Great British Pound is currently trading at 1.87900 against the New Zealand Dollar during today's London session.
Looking at the weekly timeframe , we have had a shooting star printed that managed to reject our weekly resistance of 1.90000 and closed just above 1.85800. Overall a range in between these two key market levels.
Following through to our daily timeframe we can see price has been heavily bearish down to 1.85800 where it has not managed to break through downwards and currently rising - overall ranging around this region.
Fundamentally, Pound continues under pressure after UK PM Boris Johnson suffered a defeat in UK courts when a judge ruled that he could not prorogue parliament alongside Q2’19 UK GDP report which was surprisingly weak.
I am currently waiting for the closure of our Daily candlestick to take action on this pair. If it closes above our weekly resistance of 1.87000 I will take this pair to our next weekly level around 1.90000, a change of bias for me would be a body closure below 1.87000 and heavy bearish pressure to the downside all the way down to 1.83000.
Happy trading everyone!
The Great British Pound is currently trading at 1.87900 against the New Zealand Dollar during today's London session.
Looking at the weekly timeframe , we have had a shooting star printed that managed to reject our weekly resistance of 1.90000 and closed just above 1.85800. Overall a range in between these two key market levels.
Following through to our daily timeframe we can see price has been heavily bearish down to 1.85800 where it has not managed to break through downwards and currently rising - overall ranging around this region.
Fundamentally, Pound continues under pressure after UK PM Boris Johnson suffered a defeat in UK courts when a judge ruled that he could not prorogue parliament alongside Q2’19 UK GDP report which was surprisingly weak.
I am currently waiting for the closure of our Daily candlestick to take action on this pair. If it closes above our weekly resistance of 1.87000 I will take this pair to our next weekly level around 1.90000, a change of bias for me would be a body closure below 1.87000 and heavy bearish pressure to the downside all the way down to 1.83000.
Happy trading everyone!