Hello traders,
sorry for the downtime you may have experienced visiting our blog, it was due to some technical hitches on the back end. It has been resolved and we are good to go.
Thursday is a few hours away from us, so let’s see what setups we should be looking at:
1. GBP/JPY
Support level 152.985 was where the bulls took over the market from the bears.
This is a 50/50 setup. We could see a bullish breakout of the present resistance level, and a possible reversal too. Both have happened in the past, so this is one trade where patience is needed when taking it.
When I say patience, I mean you should be patient enough to get a confirmation before taking a buy or sell position.
A bullish breakout will encourage price to hit the next possible resistance level (155.454), and a reversal will encourage the bears to pounce on the bulls and pull price back to support level 152.985
2. GBP/CHF
The bulls are playing harder here on the GBP/CHF than they are on the GBP/JPY.
The present resistance zone is partially compromised, and the close of the daily candlestick may give us additional clue.
If the bullish breakout is confirmed, then buyers will most likely drive price to the next possible resistance level (1.25004). If the buying pressure persists, then price may further go up to 1.25404
If a reversal happens at the present level, there is a possibility that price will re-visit the previous support zone
what say you?
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