Today's focus: GBPUSD
Pattern – LH low test
Support – 1.2456
Resistance – 1.2510
Thanks for checking out today’s update. Today, we have run over the GBPUSD, breaking down the overall price picture and levels and incorporating moving average and RSI into the analysis.
The GBPUSD continues to push lower after yesterday’s session. Price created a new LH and has moved back down to a minor level of support and started to test that area today. Sellers could be looking at a new leg lower if they can clear that area with a firm close lower. The RSI has moved lower and remains below the 50 point. The moving average also backs up seller momentum with its current slope.
If buyers can reject a push lower with a failed low, that’s a worry for seller strength. To show sellers are in control, we would like to see a new firm low and further selling, possibly testing 1.2365.
Have a great day and good trading.
Pattern – LH low test
Support – 1.2456
Resistance – 1.2510
Thanks for checking out today’s update. Today, we have run over the GBPUSD, breaking down the overall price picture and levels and incorporating moving average and RSI into the analysis.
The GBPUSD continues to push lower after yesterday’s session. Price created a new LH and has moved back down to a minor level of support and started to test that area today. Sellers could be looking at a new leg lower if they can clear that area with a firm close lower. The RSI has moved lower and remains below the 50 point. The moving average also backs up seller momentum with its current slope.
If buyers can reject a push lower with a failed low, that’s a worry for seller strength. To show sellers are in control, we would like to see a new firm low and further selling, possibly testing 1.2365.
Have a great day and good trading.