The GBP is consolidating at levels close to the historical low from 7th October 2016 which is at 1.20129.
At the moment the consolidation is forming between 1.2200 and 1.2350.
On the 1H time frame we can see a tighter consolidation that has been developing in the past hours between 1.2267 and 1.2320 and bars are forming right above the support of the Bollinger Bands indicator. Some of those bars appear quite bullish, which could mean that in the short-term the GBP is preparing for a small move to the upside towards 1.2350.
In case the GBP climbs towards 1.2400 and remains above that level there is a possibility for it to continue rising towards 1.2550.
In the middle-term, however, we cannot overlook the possibility for a move towards 1.2200.
Good insight.
ReplyDeleteWell spotted! I'll keep a close eye on the currency pair.
ReplyDeleteLet's see what effect the fundamentals will have on this pair today.
ReplyDeleteVery good analysis and post.
ReplyDeleteGood review!
ReplyDeleteInformative article!
ReplyDeleteVery well spotted, thank you for sharing!
ReplyDelete