I will be a genius her and say that it might go up or down.
But on the serious note, this is a very interesting level.
Depending on how this day will close, that will set a new strong trend to either of the sides. If we will get a nice bounce from here, then this upwards trend will continue going higher and we might see some new highs this year.
But there is a strong indication, that this could actually drop and we could get a re-test of the previous 1.20 level. I would prefer to see that, to be honest, because if it would get to 1.20 and then bounce of it to the upside, that would be a good bullish sign for buying the £ against the $. Also, that would form a Double Bottom on the Weekly.
So my sentiment at the moment is SELL, but like I said, if we will start getting reversal candles this week, then I will change my view. But let's wait and see.
Keep an eye on the price action!
But on the serious note, this is a very interesting level.
Depending on how this day will close, that will set a new strong trend to either of the sides. If we will get a nice bounce from here, then this upwards trend will continue going higher and we might see some new highs this year.
But there is a strong indication, that this could actually drop and we could get a re-test of the previous 1.20 level. I would prefer to see that, to be honest, because if it would get to 1.20 and then bounce of it to the upside, that would be a good bullish sign for buying the £ against the $. Also, that would form a Double Bottom on the Weekly.
So my sentiment at the moment is SELL, but like I said, if we will start getting reversal candles this week, then I will change my view. But let's wait and see.
Keep an eye on the price action!
