SHORT on 30 Mins
Sterling has failed to break out the resistance at 1.3100 three times. It's suppressed by the uncertainty of Brexit and supported by the weak US dollar. Unfortunately, sterling will complete the double tops in the chart.That should confirm completion of rebound from 1.2775. At once it breaks out the support at 1.3050, further decline should be seen to 32.8% retracement of 1.2775 to 1.3215 at 1.2945 next. On the upside, though, break of 1.3100 will turn focus back to 1.3155 resistance instead.
The target is 1.2945.
Turning point: 1.3050.
Under 1.3050, bearish , target price is set at 1.3000, then 1.2945.
Above 1.3050, bullish , target price is 1.3100,then 1.3155.
Even if we can't rule out the possibility of continuous adjustment, its time should be limited.
Prior Strategy:
The target is 1.2945.
Turning point: 1.3050.
Under 1.3050, bearish , target price is set at 1.3000, then 1.2945.
Above 1.3050, bullish , target price is 1.3100,then 1.3155.
Even if we can't rule out the possibility of continuous adjustment, its time should be limited.
Prior Strategy:
Penafian
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