The last month or so has seen the GBPUSD drop dramatically from the resistance level around 1.43 down to a 2018 low below 1.34 in the last 48 hours. The 1.36 level has provided some resistance to the sterling in the last nine months or so and providing a little bit of support recently, except the GBPUSD continued lower through this level. In the last few weeks the sterling consolidated in a narrow range between some support at 1.35 and the previous resistance level at 1.36 and remained there until a few days ago when it drifted lower.
Welcome to this week’s Valutrades Market Blast!
The USD rally appears to have come to an end, or at least is taking a rest as most major pairs are in previous consolidation zones.
We will need to see breakouts above or below these zones before we get to the next key levels.Read More