GBPUSD turns into sellers market after week-long bull wave.
Since Friday the 15th of February, the sterling entered a rather strong bullish wave to the upside reaching a 1.31 level, coming all the way from a 1.27 low.
We can observe that they took various attempts at making new highs in the last few days but couldn't seem to breakthrough.
There has been some profit taking from the buy side which has cause sterling to reverse and turn into a sellers market.
Now they stand quite comfortably below the trend line and we may reach a support level around the 1.2938 mark over the weekend or next week.
Perhaps they may even go back down to where they came from... Who knows?
Let us just sit, relax and enjoy the show!
We can observe that they took various attempts at making new highs in the last few days but couldn't seem to breakthrough.
There has been some profit taking from the buy side which has cause sterling to reverse and turn into a sellers market.
Now they stand quite comfortably below the trend line and we may reach a support level around the 1.2938 mark over the weekend or next week.
Perhaps they may even go back down to where they came from... Who knows?
Let us just sit, relax and enjoy the show!
My level was 30 pips off as I believed they could go lower, but still made some very profitable trades and closed on the lows. :)