On Friday, the pound dropped 100 points amid the strength of the US dollar.
1.5205/35 is the range of support of market orders, which as we noted in the Friday’s review, was broken and the price reached the last target level 1.5157. On the daily chart this downward movement was expressed by the break of support area of the trendlines, on the H4 chart it was expressed by the transit of the Marlin oscillator to the negative territory and now the price may reach target levels placed in the lower range.
The first target is 1.5132, the low of February 21, the second target is 1.5075, the lows of February 25 and April 3, and the third target is 1.5030, the low of April 4. If the price consolidates above the testing level 1.5204 (if today’s optimism of the Asian stock market is supported) – i.e. the way above the trendlines on the daily scale – the price may test 1.5257, the high of April 2, which coincides with the level of Fibonacci 314% on the daily chart.
The material has been provided by InstaForex Company – www.instaforex.com
On Friday, the pound dropped 100 points amid the strength of the US dollar.
1.5205/35 is the range of support of market orders, which as we noted in the Friday’s review, was broken and the price reached the last target level 1.5157. On the daily chart this downward movement was expressed by the break of support area of the trendlines, on the H4 chart it was expressed by the transit of the Marlin oscillator to the negative territory and now the price may reach target levels placed in the lower range.
The first target is 1.5132, the low of February 21, the second target is 1.5075, the lows of February 25 and April 3, and the third target is 1.5030, the low of April 4. If the price consolidates above the testing level 1.5204 (if today’s optimism of the Asian stock market is supported) – i.e. the way above the trendlines on the daily scale – the price may test 1.5257, the high of April 2, which coincides with the level of Fibonacci 314% on the daily chart.
The material has been provided by InstaForex Company – www.instaforex.com
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