Bank of England cut rates and caught markets off guard by increasing the QE program. The result was a drop in GBP across the board. Cable retreated from the pre-BOE high of 1.3345 to a session low of 1.3111.
At the time of writing, the pair traded around 1.3135.
Daily chart – Bearish Symmetrical triangle breakout, but bullish invalidation only below 1.3056
Pair’s failure to hold/take out above 1.3363 (50% of 2007 high-2009 low-2014 high) earlier this week and a drop from the high of 1.3345 to 1.3111 is demoralizing for the bulls, but still bullish invalidation is seen only in case of a daily closing below 1.3056, in which case the post Brexit vote low of 1.2789 stands exposed.
A daily closing below 1.3074 would also indicate bearish break from symmetrical triangle, although bears would need a break below 1.3056 levels.
As long as 1.3056 holds, the probability of a move back to 1.3363-1.35 remains intact.
Note: in case we close below 1.3174 today, then the spot may find itself stuck in the range of 1.3315 (23.6% of 1.5019-1.2789) - 1.3056 levels for the next few days.
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.