Yesterday: Open 1.6248 High 1.6291 Low 1.6106 Close 1.6170
Yesterday double top pattern is formed after the break line penetrated, Sterling movements reached up to the first support level at 1.6163 and almost touching the second support level at 1.6100. Sterling onwards rebound back towards the first support level at 1.6163 and the daily closing level of 1.6170.
At present, looks to continue Sterling rebounds.
The focus of economic data today for Sterling are:
1. GBP MPC Member Tucker Speaks on at 15:00 pm
2. GBP Retail Sales m / m in at 15:30 pm
3. GBP CBI Industrial Order Expectations at 17:00 GMT
4. GBP MPC Member Bean Speaks at 18:20 pm
When prices rise continuously after passing through a diagonal trend line then opened up opportunities to a level of 1.6256 and 1.6312.
We recommend that if the decline continues, opening opportunities to the 1.6106 level.
Prices shown on the graph H1 line MA05 and MA10 in conditions intersect.
While the Stochastic Indicator is indicating a bearish opportunity.
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