GBPUSD Rally at Risk Below 1.3445
In the most recent weekly forecast, I mentioned that a close below 1.3445 or above 1.3600 could trigger the next move. So far, it appears sellers are eager to drive the price back below the 1.3445 region.
That said, without the daily close at 5 pm EST, we don’t have the confirmation needed to act.
Furthermore, Janet Yellen is scheduled to speak in the next few hours at 12:45 pm EST. Some of her speeches are more market moving than others, but patience is in order nonetheless.
A daily close (5 pm EST) below 1.3445 would expose the next key support at 1.3250. This is the early August high and is also very near the 23.6% Fibonacci retracement when measuring the current 2017 range.
Alternatively, a daily close back above 1.3445 would keep last week’s range intact. It would also maintain the pressure on the trend line that extends from the 2014 high at 1.7191.
Source: bit.ly/2wi9BHp
That said, without the daily close at 5 pm EST, we don’t have the confirmation needed to act.
Furthermore, Janet Yellen is scheduled to speak in the next few hours at 12:45 pm EST. Some of her speeches are more market moving than others, but patience is in order nonetheless.
A daily close (5 pm EST) below 1.3445 would expose the next key support at 1.3250. This is the early August high and is also very near the 23.6% Fibonacci retracement when measuring the current 2017 range.
Alternatively, a daily close back above 1.3445 would keep last week’s range intact. It would also maintain the pressure on the trend line that extends from the 2014 high at 1.7191.
Source: bit.ly/2wi9BHp