Pound Under Pressure, Testing The Regression Channel
In my previous post, the crucial support level 1.3200 has been broken, thus I'm going to change my idea on pound from bullish into neutral, or under pressure at least.
Watch closely to the regression channel, 1.2950-1.3000 will be the final hope for traders with long side bias.
If price break the level next week, heading to 1.2800-1.2770 then consider to buy it judging by price action.
Watch closely to the regression channel, 1.2950-1.3000 will be the final hope for traders with long side bias.
If price break the level next week, heading to 1.2800-1.2770 then consider to buy it judging by price action.
In 4H chart, price is pulling back to retest rising trend line 2, 1.3140 will be a crucial point. If price fail to stand above that level, short high will be preferred.
Watch close to the 1.2950 level, the final support for regression channel, if fail to hold, heading to 1.2830, support zone near 200 MA.