As I earlier indicated in my article this week, I am expecting an upward push from the Dollar as a reaction from the Demand zone I have marked out. The PPI release earlier moved prices a bit but lacked sufficient momentum to cause a significant break of structure - and thus, no change of trend.
GBP/USD: pound can’t breakout SSB’s resistance
2019-11-11 • Updated
Technical levels: support – 1.2800; resistance – 1.2970.
- Sell — 1.2940; SL — 1.2970; TP1 — 1.2840; TP2 — 1.2800.
Reason: irregular bullish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with narrowing channel of Tenkan-Kijun; the market tested the resistance of Senkou Span B, but the Bulls are looks weak.
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The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
Even though we've only witnessed sluggish movements from the Dollar over the past few weeks, the general idea and bias still seem intact and untampered. The bullish impulse however can be seen as "searching for support".