The GBPUSD is up testing the 50% retracement of the move up from the January 25th low to the February high, and the underside of the trendline which was broken today (trendline from the same low on January 25th). The market is at a crossroad. Staying below keeps the bearish bias. A move above will turn the bias back up. I would expect that sellers will enter against the level on the first test at least.
On the downside a move below the 1.5995 level, would please the bears (see chart below). The trendline off the low on the same chart below comes in at the 1.5982 level. This will also be a key level for the pair today.
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