UK Currency: The sterling came close to its weakest against the USD in more than two years on Tuesday. The weakening was amid increasing uncertainty as British lawmakers prepared to vote on the first stage to block Boris Johnson from pursuing a no-deal Brexit. Johnson’s rivals will put forward a vote that would enable them to the clutch control of the...
Technical Analysis and Outlook The downtrend is in progress, however, presently the currency is in the no-mans-land territory, hovering between Mean Res 1.1390 and Mean Sup 1.1330. The upside potential is likely at a point with resistance seeing Mean Res 1.1480. To the downside, we have Mean Sup 1.1261 and Key Sup 1.1218 along with completed Inner ...
Technical Analysis and Outlook The currency has completed Currency Dip 1.2937 projection, therefore, expect a possible rebound to Mean Res 1.3064 and /or 1.3112 , while on the downside, there is a possibility of a sinking move to Mean Sup 1.2878 and very established Mean Sup 1.2715 . (For more Market Commentary, please visit the TradingSig_dot_com).
The falling tops formation inside a larger triangle formation coupled with Euro’s retreat from the NY session high of 1.1233 to 1.1190 and subsequent failure to hold above 50-DMA of 1.1207 in Asia suggests prices are likely to test demand around 200-DMA level of 1.1165. Caution advised below 200-DMA since both the 50-DMA and 200-DMA are still sloping higher.
Above daily chart shows a possible rise to Leg D = 171.015.