After three non favouring weeks on this pair, I believe we are well overdue for a retracement.
--> RSI is indicating incredibly oversold.
--> We have also perfectly rejected off of the descending channel which is the body of the major head and shoulders on this pair.
--> The resignation of Theresa May and some further upcoming fundamental news, may stipulate some stability in pound.
If we see a daily bullish engulfing closure above 140, a 61.8% fib retracement is likely.
--> RSI is indicating incredibly oversold.
--> We have also perfectly rejected off of the descending channel which is the body of the major head and shoulders on this pair.
--> The resignation of Theresa May and some further upcoming fundamental news, may stipulate some stability in pound.
If we see a daily bullish engulfing closure above 140, a 61.8% fib retracement is likely.
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