Flat on the GBP...
Weekly gain/loss: -0.40%
Weekly closing price: 1.3075
Pound sterling sustained further losses last week, erasing 50 pips off of its value. Weekly price, as you can see, ended the week chalking up a bearish selling wick (pin bar) that tapped the underside of a weekly resistance level coming in at 1.3301. This could possibly fuel further selling this week since there is room for the market to push as far south as the weekly demand area at 1.2589-1.2759, which aligns beautifully with a channel support etched from the low 1.1986.
Before weekly sellers can move this market lower, nonetheless, the daily support area at 1.3058-1.2979 (fuses nicely with a trendline support etched from the low 1.2108) will need to be engulfed. Also notable here is that the history surrounding this zone is reasonably strong, so the bears may have their work cut out for them this week.
A brief look at recent dealings on the H4 timeframe shows that the spike seen through 1.31 was largely due to the lower-than-expected US non-farm payrolls number. As you can see though, this was not enough to convince investors to continue bidding the market into the close.
Suggestions: Technically, there is still a clear conflict of opinion on the higher timeframes at the moment. In addition to this, we do not see any technical confluence on the H4 timeframe, thus making it a somewhat difficult market to trade right now.
Data points to consider: FOMC member Dudley speaks at 5.10pm GMT.
Weekly closing price: 1.3075
Pound sterling sustained further losses last week, erasing 50 pips off of its value. Weekly price, as you can see, ended the week chalking up a bearish selling wick (pin bar) that tapped the underside of a weekly resistance level coming in at 1.3301. This could possibly fuel further selling this week since there is room for the market to push as far south as the weekly demand area at 1.2589-1.2759, which aligns beautifully with a channel support etched from the low 1.1986.
Before weekly sellers can move this market lower, nonetheless, the daily support area at 1.3058-1.2979 (fuses nicely with a trendline support etched from the low 1.2108) will need to be engulfed. Also notable here is that the history surrounding this zone is reasonably strong, so the bears may have their work cut out for them this week.
A brief look at recent dealings on the H4 timeframe shows that the spike seen through 1.31 was largely due to the lower-than-expected US non-farm payrolls number. As you can see though, this was not enough to convince investors to continue bidding the market into the close.
Suggestions: Technically, there is still a clear conflict of opinion on the higher timeframes at the moment. In addition to this, we do not see any technical confluence on the H4 timeframe, thus making it a somewhat difficult market to trade right now.
Data points to consider: FOMC member Dudley speaks at 5.10pm GMT.
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