Information you ought to know about foreign exchange.
Today, unlike all currencys in the FOREX market, an active change in prices is typical for the British Pound. He became the drop-leader against all currencies that are traded in the currency market. The drop began today and is developing with good dynamics. There is no need to have a brain to understand that it is something wrong with the Pound. We will not look for reasons and get to the essence of this movement. Strike while the iron is hot. It is necessary to have time to enter the market until the movement has not ended or turned into a sideways movement. We will put a pending order close to the nearest level of support and see how the events will develop. If the downward trend is gaining strength, it will easily pass all obstacles and rushes down, but if it's just the reaction of traders to news that is not backed up by economic factors, the trend may stop. This pause before opening position allows traders and investors more likely to win and go into the exchange fluctuations. Do not rush before making an important investment decision, because if it is not a false leap, it will be possible to squeeze the currency market with the maximum gains and move further level of take profit.
The price is below a simple moving average 200 MA and 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.
If the support level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Sell
• The level of entry into short position: 1.2110
• The level of profit and close the position: 1.1900 (210 pips)
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0500
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0190
Possible bullish movement in the breakout of the resistance level 1185
Forex currency pair USDJPY
Possible bullish movement in the breakout of the resistance level 117.50
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