Sterling broke below confluent support last week at the 61.8% retracement at of the June rally at 1.3530. The decline is now within striking distance of yearly trend support at 1.3388-1.3415- a region define by the 61.8% retracement of the May rally, the June close lows, and the 2024 high-day close. A good zone to reduce portions of short-exposure / lower protective stops IF reached. A break / close below would be needed to suggest a more significant high was registered this month / a larger reversal is underway.
Initial resistance now back at 1.3530 with a close above the 25% parallel needed to threaten resumption of the broader uptrend. Keep in mind we get the release of US / UK inflation data this week- stay nimble into the releases and watch the weekly close for guidance here.
-MB
Initial resistance now back at 1.3530 with a close above the 25% parallel needed to threaten resumption of the broader uptrend. Keep in mind we get the release of US / UK inflation data this week- stay nimble into the releases and watch the weekly close for guidance here.
-MB
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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.