There's a multiple-bar inside bar candlestick pattern formed on GBP/USD which has started to lead the price lower after the breakdown of the low of the multiple bars inside bar candlestick pattern. This candlestick pattern also formed at the upper band of the Bollinger Band and the 200 period golden moving average which adds fuel to the bears. At 0830 GMT today, Bank of England MPC votes might cause some volatile moves in this market thus we will only know whether the market will goes up or down after the news event, but in the mean time, the multiple-bar inside bar candlestick pattern could still lead the price lower, and the lower band of the Bollinger Band could serve as the first target. A break above the 200 period moving average will offer us some buying opportunities in today's London session while a breakdown below the lower band of the Bollinger Band will lead the price lower in today's London session. Note that the Stochastic is in oversold territory which could cause a bounce in the price but we will see what the outcome of the MPC vote will be.
There's a multiple-bar inside bar candlestick pattern formed on GBP/USD which has started to lead the price lower after the breakdown of the low of the multiple bars inside bar candlestick pattern. This candlestick pattern also formed at the upper band of the Bollinger Band and the 200 period golden moving average which adds fuel to the bears. At 0830 GMT today, Bank of England MPC votes might cause some volatile moves in this market thus we will only know whether the market will goes up or down after the news event, but in the mean time, the multiple-bar inside bar candlestick pattern could still lead the price lower, and the lower band of the Bollinger Band could serve as the first target. A break above the 200 period moving average will offer us some buying opportunities in today's London session while a breakdown below the lower band of the Bollinger Band will lead the price lower in today's London session. Note that the Stochastic is in oversold territory which could cause a bounce in the price but we will see what the outcome of the MPC vote will be.