This pair displayed good bullish price action during last week trading session as market speculators drove the cable price higher even
amid some not so loud wavering concerns regarding the ongoing brexit
negotiations and also high intense campaigns going on in the United
States.To get more news about
WikiFX, you can visit wikifx official website.
But is the overall market sentiment for this pair bullish even for the short to long term outlook?
An inverted head and shoulder pattern formation is playing out and
seeing a retest of the neckline as viewed on higher timeframes but more
visible on the seven day chart. Though this is a bullish pattern, the
major supporting indicators currently are not yet confirming buying bias
as both the 20 and the 50 moving average are below the 200 moving
average and market speculators may dive the price down and in that case
making the pattern a false flag.
On the daily chart, buyers did not push the price past the price
handle 1.35 level as market speculators could have noted and looked
backed and viewed a previous month long indecision phase. And so
generally market speculators will be looking for short scalp or
intra-day positions.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years’ experience trading the markets and out
of which, one and a half years of that as a prop trader, trading large
and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of
experience in senior management roles driving small to large business
development and B2B relations in creating and implementing; learning
& development solutions, programs, organizational strategies &
frameworks, and blended learning approaches for companies and
institutions in Africa.
