Hello traders,
Wednesday indeed looks like an opportunistic day in the market for us traders. let’s check out what the charts got for us.
1. GBP/USD
After GBP/USD hit resistance level 1.37473 last week, the bears came into the market and chased off all the bulls.
Today we can see a decent breakout of price at a key support level (1.36103), which coincides with an expanding ascending channel that has held for over 2 weeks plus.
We are currently within the New York trading session and I am not in a hurry to take this trade. Waiting for tomorrow’s UK session and looking for selling opportunities will be more like it
It’s also important to watch out for the close of the daily candlestick before concluding on our bearish bias
2. GBP/CHF
The GBP/CHF has almost the same outlook as the GBP/USD
The lower highs and lower lows has given us a clear idea of what we could be expecting tomorrow.
The key support zone is all that is holding price presently. A breakout below the support zone means that price will most likely visit support level (1.23073)
What say you?
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