GBPBGN: The surging pound reaches resistance zone

23.01.2019 / 14:23

Rating:

GBPBGN Forex D1 | Our expectations:

Broad medium-term consolidation and price in the top and part give rise to increased sales attention. SL must be moved above the last point or 2.2720. Positioning should be done after additional pound appreciation or diagonal resistance.

The base of the pound remains quite uncertain and the likely scenario for Brexit is preserved. This could lead to a new sharp depreciation of sterling. The price is currently entering a resistance zone, with an extra test of the diagonal linking the last two maximums.

DeM Sequential has counted up to 9 on the current day, indicating a possible fatigue in the short-term upward movement, but we should not forget the possibility of snatching over the top of the 9-bar. We remain cautious about sales after a little extra appreciation of the pounds.

DeM (14) also enters an overbought market area above 0.7 as a downward reversal can confirm the probability of short.

Trader Nikolay Georgiev

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GBPBGN: The surging pound reaches resistance zone

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