FALLING WEDGE PATTERN IS USUALLY A BULLISH SETUP WITH A BULLISH BREAKOUT CONTINUATION THAT FOLLOWS BUT IN THIS SITUATION, WE NEED TO REEVALUATED OUR TECHNICAL ANALYSIS ON THIS PAIR AND BREAKDOWN THE SLOPPED TRIPLE TOP THAT HAS PRINTED AND THE BREAKOUT OF 1.238X.
A LAST KISS BREAKOUT PATTER LOOKS TO PRINT AS SUPPORT TURNS TO RESISTANCE AND A SAFE EXIT WOULD BE IDEAL AT THE NEXT SUPPORT LEVEL FOR INTRADAY PROFITS.
KEY RESISTANCE LEVEL TO WATCH IS 1.237X TO 1.233X.
THE ECONOMICAL DOCKET FOR THIS PAIR IS ALSO QUITE BEARISH BASED ON RECENT DATA COMING FROM UK( (CPI), BREXIT DATA, (BoE) INFLATION RATES AND UPCOMING MONETARY POLICY CHANGES. THE BRITISH POUND WILL CONTINUE TO STRUGGLE AGAINST THE DOLLAR EARLY IN THE SECOND QUARTER BUT THE POUND WILL LOOK TO STRENGTHEN ITS LONG TERM OUTLOOK FROM ITS DECLINE OF 2016.
A LAST KISS BREAKOUT PATTER LOOKS TO PRINT AS SUPPORT TURNS TO RESISTANCE AND A SAFE EXIT WOULD BE IDEAL AT THE NEXT SUPPORT LEVEL FOR INTRADAY PROFITS.
KEY RESISTANCE LEVEL TO WATCH IS 1.237X TO 1.233X.
THE ECONOMICAL DOCKET FOR THIS PAIR IS ALSO QUITE BEARISH BASED ON RECENT DATA COMING FROM UK( (CPI), BREXIT DATA, (BoE) INFLATION RATES AND UPCOMING MONETARY POLICY CHANGES. THE BRITISH POUND WILL CONTINUE TO STRUGGLE AGAINST THE DOLLAR EARLY IN THE SECOND QUARTER BUT THE POUND WILL LOOK TO STRENGTHEN ITS LONG TERM OUTLOOK FROM ITS DECLINE OF 2016.