I have been doing some analysis on this pair this morning and we are back to the 1.7500 level.

As you can see the zone i have drawn we have had 9 rejections to me that shows this pair is at a strong resistance level.

We can also see a double top forming which we will check after today’s daily bar close for more confirmation.

This pair is also at the top of our uptrend channel which has not been broken since mid last year, with the bullish GBP we have at the moment this may drive price to break through the resistance but looking at the analysis it will have to be strong to push through these levels.

If we do have a double top form and price rejects the zone & trend line i will hope to see this pair turn bearish.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.