GBP/JPY tumbles to one-month lows on Brexit concerns and risk aversion... dari PhoenixMan

09 Sep 2020, 18:01 · Views 911

Pound under pressure amid Brexit uncertainty falls again across the board.
Yen extends gains amid risk aversion as Wall Street drops sharply.

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The price for EUR/USD pair continues to fall as I expected. The impulse for the fall was a strong resistance line, from which the price bounced off in the last week's end. Now the price has broken through the small resistance line. I expect to touch this line again and continue to fall. The final target is the support line at 1.168. What do you guys think?

PhoenixMan

Hello guys! EUR/USD pair price has been "stuck" at the support-resistance level for several days. I am still in the mood for a fall after such a strong consolidation in the level. Remember, I talked about this on Monday. On the daytime TF, you can see all the lines to scale. We get two overlapping channels that affect the price. Now the price is at the support-resistance level. In fact, in the middle of each of the channels. Since before that the price movement was very sharp, as well as the resistance line from which it fell on Monday is very strong, I expect a fall. The target is the nearest support line. Good luck on trading!

PhoenixMan

Price is ranging sideways on this GBP/USD pair, it is now holding at the daily chart support level. Based on the daily chart shown, price has now formed a small false break bullish hammer pattern after price action formed an inside bar. This bullish hammer pattern is rejecting the daily support level around 1.2860. For this hammer candlestick pattern to complete, we would need to see price break the hammer's highs. If this happen we could see the support level hold and long trades activate with price move into the next resistance around 1.300 and then 1.3168.

PhoenixMan