Even though Friday we've finally seen some weakness in the Dollar, the pound still looks weak, trading below it's short-term daily MAs (5,8,13).
Current key support area: 1.2100 - 1.2150
A break below would probably take the price to 1.1800, where the market might finally bottom.
Scenario plausible while the market stays below the short-term MAs and below the trendline (triangle formation).
Factors that could support the pound: a correction in the Dollar Index (USDOLLAR) that started Friday and a positive reaction to next week's data, including the Monetary Policy Statement on Thursday.
Looking forward to different opinions/comments!
Safe trading to all!
Current key support area: 1.2100 - 1.2150
A break below would probably take the price to 1.1800, where the market might finally bottom.
Scenario plausible while the market stays below the short-term MAs and below the trendline (triangle formation).
Factors that could support the pound: a correction in the Dollar Index (USDOLLAR) that started Friday and a positive reaction to next week's data, including the Monetary Policy Statement on Thursday.
Looking forward to different opinions/comments!
Safe trading to all!
