The Pound failed yesterday at 1.5870, and eased afterwards to levels right below 1.5800, where, according to me, the pair might offer good long entry opportunities, for another test of 1.5870/80 resistance.
For today, i expects the pair to bounce at 1.5780/1.5760, and launch another assault to 1.5870/80 resistance: "So today am looking to buy weakness and look to 1.5780/1.5760 to offer support and for buyers to enter the market at these lower levels. I will hold longs looking for another test of 1.5870/80 resistance."
Above 1.5900, bullish pressure would increase, driving the pair to 1.5940/50 quite quickly, "Reinstate further longs if above 1.5900 as a break of this resistance keep the pressure to the topside and see 1.5940/50 quite quickly... Again above 1.5950 sees 1.5995/1.6017."
For today, i expects the pair to bounce at 1.5780/1.5760, and launch another assault to 1.5870/80 resistance: "So today am looking to buy weakness and look to 1.5780/1.5760 to offer support and for buyers to enter the market at these lower levels. I will hold longs looking for another test of 1.5870/80 resistance."
Above 1.5900, bullish pressure would increase, driving the pair to 1.5940/50 quite quickly, "Reinstate further longs if above 1.5900 as a break of this resistance keep the pressure to the topside and see 1.5940/50 quite quickly... Again above 1.5950 sees 1.5995/1.6017."
By
M.Zohaib Gadit
Forex Trading Consultant
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