Looking daily chart, price is caught in triangle.


We are at the moment at the upper boundary. So I see 3 possible options here. First that price will break upper boundary, go a bit higher and then retest trend line from above and then head up to 1.5740. Second that price will reverse back down to 1.5500 and then break upped boundary of triangle. And third, that upper boundary will be respected, price will head back down, support at 1.5500 will be broken and lower boundary retested from bellow and then price head back down again. It is difficult to get daily price action signal at the boundaries, so we need to move down to 4h or even 1h chart to look for entries there.

4h chart show, that a bit bellow we have MPP and WPP, so price will have big supports to be broken, if it wants to come back to 1.5500 again. There is MPP at 1.5560 and WPP at 1.5521.


Tomorrow we have Average Earnings Index 3m/y and Claimant Count Change news, which could bring GBP down a bit if we will get worst than expected number.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.