Our latest GBPUSD trade reached all the targets and GBPNZD trade is working as predicted.
I have explained the reasons of bullish run of Sterling. I will not re-write here in this artcile.
We will have UK Retail Sales data today. As the last trading day of the week, Fridays are labeled as “profit taking” days.
As seen on the below H4 Chart, a bearish Black Swan pattern is completed.
The target of the formation is 1.29400 and 1.28800.
However, 1.29400 is a strong intraday support. Only a clear break – a negative UK Data – may send the price below 1.29400.
RSI on the H4 chart headed south but it is not in the overbought territory.
The upside is capped by 1.30000 physicological resistance. A better than expected data may send Cable toward 1.30600.
Downside: 1.29400 1.29000 1.28780 and 1.28170 Key midterm support
Upside: 1.30000 1.30580 1.31180
We will wait for UK data and update.
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