• The pair broke below the ascending trend line in May, one that has been intact since Oct 2022
• Bulls managed to break above the line in mid June but failed to sustain the move
• Bulls and bears are now fighting around the trend line from above and below
• Either of the two needs consecutive big bars above or below the line to get the upper hand
• Immediate support comes at 1.2690-1.27 ( previous resistance that became support ) followed by 1.245 (previous resistance became support)
• Markets are assessing the economic situation in the UK as the central bank keeps raising interest rates to fight the sticky inflation might eventually hurt the economy
• Trend remains bullish as long as above the 1.2690-1.27 and bears need a break below that level to get back in control
• Bulls managed to break above the line in mid June but failed to sustain the move
• Bulls and bears are now fighting around the trend line from above and below
• Either of the two needs consecutive big bars above or below the line to get the upper hand
• Immediate support comes at 1.2690-1.27 ( previous resistance that became support ) followed by 1.245 (previous resistance became support)
• Markets are assessing the economic situation in the UK as the central bank keeps raising interest rates to fight the sticky inflation might eventually hurt the economy
• Trend remains bullish as long as above the 1.2690-1.27 and bears need a break below that level to get back in control
Ramzi Abou Abdallah, CFTe, CMT
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