jasperlawler

Main bearish outlook-- Another break of the long term rising trendline is bearish Shallow rebound from 12610 low on June 19 has ended- setting up re-test and likely break of 12600 Next key support could be 12400 Bullish alternative 12600 level holds, maintaining trading range enrivonment (level is significant because it was resistance after the February sell-off ...

The break below previous support at 1.32 amid a strong downtrend signals lower prices Two possible scenarios after today's vote in UK parliament over Brexit A) former support at 1.32 is resistance and downtrend resumes toward 1.305 B) price closes back above 1.32 signalling a rangebound market and an eventual re-test of 1.347

Main bearish argument The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come Entry? Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower Alternative bullish argument A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend

Sterling is retracing its daily downtrend, might expect short term 4hr uptrend to end near old support-turned resistance