GBPUSD H4 - Breaking the corrective consolidation from last week (the flag consolidation range). Possibly could see market correction up towards the previous S/R zone. Again big moves expected later off the back of the vote this evening.
EUR failing to break 1.14 on EURUSD again taking it lower on that pair and likewise failing to breach high from early February. More poor growth data out of Europe with sub 50 Manufacturing PMI data. Pair also running out steam at top end of RSI range
In the area of around the 1,12700 looks to have a large amount of Buyers waiting to get price cheap and take long positions. Price has already bounced into this area before, price could be set to do so again. A the Bulls will be ready.
1150 still looks to be a strong area of Buyers to get in on the sale of gold and buy cheap and take price back up.
Even with a sale of gold, the commodity is still an investment, seen as a safe asset.
For the time being, price has been stuck at around the 1200 price area, and could still contain sellers waiting to drive price further down.
The French shares have been moving higher so we believe this may be a breakout overpowering the sellers at around the 5505 area and continue to an upward trend and benefit our trade.
However it does appear that price is moving in to a triangle trend line so price may get squeezed by the pressure of the Bulls and the Bears before the CAC 40 Breakout is achieved.
In the past few weeks we've seen the selling of the gold metal becoming hectic as if it was in an alternative gold rush to sell.
A position of sellers still, at around the 1200.00 area, price looks like it had a moment of strength to take it back up to that level and the sellers will enter again for another sell off and take price down further to an area we...