It looks like the pound dollar needs to do some more price discovery to the downside before finding the much needed buying to start the next uptrend. A short rebound to retest 1.37 is likely to come early in the week before the market decides if it wants to take the plunge at these levels.
BEAR CASE
The 1.34 area is looking more and more likely to happen for this pair if price does not hold the current levels, that is where we will look for our buys.
BULL CASE
Contrary to what our intuition tells us, we may see some bullish conviction from here and if that's the case the level that we're looking at to sell again is 1.39
BEAR CASE
The 1.34 area is looking more and more likely to happen for this pair if price does not hold the current levels, that is where we will look for our buys.
BULL CASE
Contrary to what our intuition tells us, we may see some bullish conviction from here and if that's the case the level that we're looking at to sell again is 1.39