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Weekly gap opening has been
rapidly erased as GBP has been rejected towars the 1.7450 -
1.7500 support zone. Daily studies are quite oversold as shows
sings of possible recovery. However, short-term technicals
rules price action and every attempts higher are still
rejected.
To the downside,
consolidation triangle still valid since yesterday, currently
tested. Triangle low comes at 1.7550 and a sustained break and
hourly close below this level argue in favor of another
support zone test. S1 stands at 1.7505, ahead of weekly low at
1.7470, witch are two potential target points. Below, 1.4710
and 1.7370 may be easily reached.
To the upside,
no clear break below consolidation pattern will lead to a test
higher. Triangle high and 38.2%% fib. level (of fall from
1.7975 to 1.7470) stands at 1.7660 and remain a good target
for intraday longs. Above, congestion/resistance zone extends
to 1.7700/20, and price must clear this level to expect a run
towards R2 and 200 EMA at 1.7805/25.
Indicator's Status
:
- Slow MACD neutral. As a lagging
indicator, breka of triangle is needed to see a clear crossing
signal.
- Fast stochastic still in a
negative cycle, downside mode. Bias remain negative.
- Both RSI and W%R neutral to
negative. Bias remain negative. Monitor overbought/sold status
according to price level to determine intraday trend
continuation or reversal. | 
