Learn more about golden level trading: http://www.streamhedge.com/goldenlevels/tw
Recently released manufacturing and services GBP news is pushing the pair back down to the lower edge of its intermediate range at around 1.3070. The 1.3000 price level which exists slightly below the range was very well respected by price both from the long and short side toward the beginning of July, forming a cup pattern. In addition, a trend line is lining up sharply with this level. This is an important zone as it present both a short-term and long-term pivot. The ultimate direction of the pair will most likely be determined around this point.
Any long initiated on Friday should only be considered a scalp. Otherwise, this is an important level to consider at next week's open.
Learn more about golden level trading: http://www.streamhedge.com/goldenlevels/tw
Recently released manufacturing and services GBP news is pushing the pair back down to the lower edge of its intermediate range at around 1.3070. The 1.3000 price level which exists slightly below the range was very well respected by price both from the long and short side toward the beginning of July, forming a cup pattern. In addition, a trend line is lining up sharply with this level. This is an important zone as it present both a short-term and long-term pivot. The ultimate direction of the pair will most likely be determined around this point.
Any long initiated on Friday should only be considered a scalp. Otherwise, this is an important level to consider at next week's open.
Learn more about golden level trading: http://www.streamhedge.com/goldenlevels/tw