In the past two weeks, the demand side has led to the abolition of the 50% decline from the 1.1427 level to 1.0909, posting high of 1.1186.
Today (Tuesday) had to break the bottom of the local channel growth, which was launched in late June. The currency pair reached a strong resistance zone 1,1058-80, where there was profit. Fundamentals all the time is not conducive to a common currency. In addition to overcome the lower limit of the channel growth may suggest that in the near future declines will be deepened. This seems highly unlikely. Therefore, the corrective bounce towards 1.11 level (38.2% fibo declines 1,1427-1,0909, which coincides with the lower bound channel growth) expect further declines toward support at 1.1030 . Another goal would be the minimum that we saw after the official results of the referendum (1.0909). Minor resistance levels are 1.0972 (minimum of 27 June) and 1.0935 (minimum of 24 June).
Summing up today's analysis, it appears that the correction has been completed and return to declines toward 1.0909.
Version Alternative (less likely), a return above the level of 1.11, and the development of upward movement towards 1.1130 and 1,1157-69.
Today (Tuesday) had to break the bottom of the local channel growth, which was launched in late June. The currency pair reached a strong resistance zone 1,1058-80, where there was profit. Fundamentals all the time is not conducive to a common currency. In addition to overcome the lower limit of the channel growth may suggest that in the near future declines will be deepened. This seems highly unlikely. Therefore, the corrective bounce towards 1.11 level (38.2% fibo declines 1,1427-1,0909, which coincides with the lower bound channel growth) expect further declines toward support at 1.1030 . Another goal would be the minimum that we saw after the official results of the referendum (1.0909). Minor resistance levels are 1.0972 (minimum of 27 June) and 1.0935 (minimum of 24 June).
Summing up today's analysis, it appears that the correction has been completed and return to declines toward 1.0909.
Version Alternative (less likely), a return above the level of 1.11, and the development of upward movement towards 1.1130 and 1,1157-69.