Hello dear friends, Let's explore the market today with Selena!
In the 4-hour timeframe: After GBP dropped to a low of 1.2111 on Wednesday, it was noted that "although the weakness of GBP is not yet stable, the downward momentum is showing signs of slowing down." Selena holds the view that "GBP has the potential to test the level of 1.2100, but breaking clearly below this level is unlikely to happen." GBP not only failed to test the 1.2100 level but also made a strong recovery and reached a higher level today.
The strong recovery may continue up to the 1.2400 level before stalling. The next resistance level at 1.2300 is unlikely to be threatened. Support is at 1.2170, followed by 1.2145.
In the 4-hour timeframe: After GBP dropped to a low of 1.2111 on Wednesday, it was noted that "although the weakness of GBP is not yet stable, the downward momentum is showing signs of slowing down." Selena holds the view that "GBP has the potential to test the level of 1.2100, but breaking clearly below this level is unlikely to happen." GBP not only failed to test the 1.2100 level but also made a strong recovery and reached a higher level today.
The strong recovery may continue up to the 1.2400 level before stalling. The next resistance level at 1.2300 is unlikely to be threatened. Support is at 1.2170, followed by 1.2145.
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