Watch out playas! Looks like Lady Cable is breaking down from a double top! After topping out at 1.5250, GBP/USD is now crashing lower. The question is, how low can it go? Based on technical analysis, the breakout should be roughly equivalent to the height of the double top, so we may just see price action drop all the way down to 1.4950 before we see any support!
Looking to go long on yen crosses? If so, check out this setup on GBP/JPY! The pair is currently stalling at the 61.8% Fib level, which is a shade just above the 141.00 psychological level. With Stochastic now in oversold territory, we could see buyers jump in soon.
Lastly, here’s another Fib setup on EUR/GBP. If you’re in the bear camp, you might wanna keep an eye out for that .8600 handle, as it lines up nicely with the 50.0% Fib retracement level. Keep in mind that this was also a former support area, so chances are we’ll see a ton of interest at this area should price retest it.
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.
Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.