Since July 21st, the Pound Sterling has gained positive traction skyrocketing or soaring over 400 pips from 1.3570. A move I'd best describe as a technical price correction on its impulse leg (from points a to b). Capped around 1.4000 which serves as a major daily resistance in confluence with the 61.8 taking of the fib retracement, the Pound Sterling is better poised to plummet from here on.
Target 1 is set at 1.3750, should the market find support at that level, then there is a possibility of the market forming a reversed Head and shoulder pattern for a move higher. Elsewhere target 2 is set at support 2 @1.3570.
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Target 1 is set at 1.3750, should the market find support at that level, then there is a possibility of the market forming a reversed Head and shoulder pattern for a move higher. Elsewhere target 2 is set at support 2 @1.3570.
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Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.