Pair is trading inside a huge range if we look from daily (140 resistance to 137.500 support) and price is aiming towards old resistance at 140 from this Monday.
Equities are red so far, bouncing off all time highs after FED stopped pumping the markets for a while (seems likely to hold until New Year at least). But vaccine news are still coming off and helping the moves to sustain near ATH's.
Brexit news are also 'on hold' since both parties are claiming to not giving up on anything yet and more talks are being scheduled at the moment, so certain risks are still here.
Pound is bullish today and this week we will likely get to 140 resistance. Month ends today so it will be interesting how tomorrow markets will react after month-end flows.
I expect pair to continue to 140 and from then positioning should be crucial due high confluence level. Break above and retest should be ideal scenario for bulls, while bounce back off 140 or lower for bears.
As so far I market 2 high confluence areas and scenarios I will watch if those areas get ceased (both buys and sells). Until then I'm with bulls on this pair.
RESISTANCES:
1D: 140.000
4H. 139.200
SUPPORTS:
1D: 138.400
4H: 138.600
1H: 139.000
Equities are red so far, bouncing off all time highs after FED stopped pumping the markets for a while (seems likely to hold until New Year at least). But vaccine news are still coming off and helping the moves to sustain near ATH's.
Brexit news are also 'on hold' since both parties are claiming to not giving up on anything yet and more talks are being scheduled at the moment, so certain risks are still here.
Pound is bullish today and this week we will likely get to 140 resistance. Month ends today so it will be interesting how tomorrow markets will react after month-end flows.
I expect pair to continue to 140 and from then positioning should be crucial due high confluence level. Break above and retest should be ideal scenario for bulls, while bounce back off 140 or lower for bears.
As so far I market 2 high confluence areas and scenarios I will watch if those areas get ceased (both buys and sells). Until then I'm with bulls on this pair.
RESISTANCES:
1D: 140.000
4H. 139.200
SUPPORTS:
1D: 138.400
4H: 138.600
1H: 139.000