The GBPUSD pair initially tried to rally during the session on Wednesday, but with the Bank of England failing to impress upon the market a bit of a drive to tighten monetary policy, the British pound was in fact sold off later in the day.
The GBPUSD pair fell during the course of the day on Tuesday, but found enough support near the 1.7050 level to turn things back around and form a little bit of a hammer.
The GBPUSD pair fell during the course of the day on Monday, but as you can see remains somewhat afloat, and more importantly supported at the 1.70 handle.
GBPUSD fell during the session on Thursday, testing the 1.71 level.
The GBPUSD pair broke higher during the session on Tuesday, but could not clear the 1.72 level that we have been looking for in order to start buying again.
The GBPUSD pair broke higher during the session on Tuesday, but could not clear the 1.72 level that we have been looking for in order to start buying again.
The GBPUSD pair initially fell during the session on Wednesday, but as you can see we bounced yet again in order to form a hammer. This market simply looks like it does not want to fall, and as a result we feel that the buyers are certainly still in control even though the market has struggled to take off at this point.
GBPUSD is testing 1.7062 resistance, a break of this level will indicate that the uptrend from 1.6692 has resumed, then next target would be at 1.7200 area.
The GBPUSD pair went back and forth during the session on Monday, proving the 1.70 level to be supportive enough to keep the market somewhat afloat.
GBPUSD’s upward movement from 1.6731 extended to as high as 1.6864.
