Fundamentally, we are waiting for the general elections in early December.
We had negative , below expectations figures today for the UK PMIs.
Technically, sterling is trading in a slightly down channel which could be a bull flag given a very fast recovery from all time lows recently.
On the daily chart, we have 2 scenarios:
1- prices keep trading in a range and forms a rectangle, which is a continuation pattern (bullish).
2- prices complete a triple top formation and breaks to the downside (bearish).
In my opinion, the catalyst will be the results of the elections soon..
Good luck
We had negative , below expectations figures today for the UK PMIs.
Technically, sterling is trading in a slightly down channel which could be a bull flag given a very fast recovery from all time lows recently.
On the daily chart, we have 2 scenarios:
1- prices keep trading in a range and forms a rectangle, which is a continuation pattern (bullish).
2- prices complete a triple top formation and breaks to the downside (bearish).
In my opinion, the catalyst will be the results of the elections soon..
Good luck
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.