Closes decrease for the primary time since July 16
All good streaks come to an finish and the GBPUSD’s 10 day streak of upper closes got here to an finish as we speak. The pair final shut decrease again on July 16. On July 17 the low value reached 1.2511, however closed increased on the day. This week the low was reached on Monday at 1.2772. The excessive value prolonged to 1.31694 earlier within the New York session.
Within the New York afternoon session, the worth fell beneath a damaged development line at round 1.31133 stage, and made new session lows within the final hour of buying and selling at 1.3069. Yesterday’s shut was round 1.3094. It is not a catastrophe however it’s one thing new.
Taking a broader take a look at the every day chart, the excessive for the day stalled forward of key resistance from the swing highs from January and March. These ranges got here in at 1.3199 to 1.32116. The excessive value as we speak prolonged to 1.31694 earlier than rotating again to the draw back. Ought to there be extra upside momentum subsequent week maintain these ranges in thoughts.
For financial institution commerce concepts, try eFX Plus