The price has broken down out of the bearish wedge from the 1.22 support on the news suggesting that the U.K. is heading towards a 'hard Brexit'. Price seems to have found support on the lower downwards trend line and might bounce back up to the 1.22 old support (now potential resistance).
I believe it will then trade down towards the 1.21 area which is the support from October 2016 and continue to trade in a sideways channel.
Please note that the channel is part of the daily long term bearish wedge (top pink line)
I believe it will then trade down towards the 1.21 area which is the support from October 2016 and continue to trade in a sideways channel.
Please note that the channel is part of the daily long term bearish wedge (top pink line)