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The rate of the British Pound yesterday seriously lost its position in the Forex market. Nearly all currency pairs traded with the Pound showed a strong drop. With respect to certain currencies, the Pound dropped a lot, with some - not much. But the Japanese Yen recaptured enough of previously lost positions. Traders know features of this currency pair to vary dramatically in price in a fairly short period of time. Volatility, in combination with low spreads, is making this trading tool of the currency market very attractive for investors with different size of trading account. After a short time trading with this pair, it is possible to substantially increase the size of your deposit with a broker. And now against the backdrop of the Pound, the trading instrument has changed dramatically in price in comparison to other currencies, which also are traded with the Pound. We target at 125 points, taking into account the size of the dropdown in the currency graph. Our target is just to fit all the Fibonacci ratio. Thus, if the decline will continue, we will have a good chance for success in this transaction.
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: 140.15
• he level of profit and close the position: 138.90 (125 pips)
Forex currency pair EURUSD
Possible bullish movement in the breakout of the resistance level 1.0630
Forex currency pair USDCHF
Possible bearish movement in the breakdown of the support level 1.0100
Possible bullish movement in the breakout of the resistance level 1188
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2110
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