As we can see from the daily chart the pair has risen to retest the previous broken support zone at around the 1.27 psych level - I believe this was due to GBP gaining strength on last weeks employment data.
Bullish momentum appears to have slowed at this zone with price action showing a potential reversal (doji), whilst retesting the opposite side of the upward trendline.
I look to enter a short position targeting the next structure at the mid 1.24-1.25 range. Will be eying this pair for confirmations at London session opening in a few hours.
Potential 200+ pip move!
Bullish momentum appears to have slowed at this zone with price action showing a potential reversal (doji), whilst retesting the opposite side of the upward trendline.
I look to enter a short position targeting the next structure at the mid 1.24-1.25 range. Will be eying this pair for confirmations at London session opening in a few hours.
Potential 200+ pip move!