This pair displayed good bullish price action during last week trading session as market speculators drove the cable price higher even amid some not so loud wavering concerns regarding the ongoing brexit negotiations and also high intense campaigns going on in the United States.To get more news about WikiFX, you can visit wikifx official website.
But is the overall market sentiment for this pair bullish even for the short to long term outlook？
An inverted head and shoulder pattern formation is playing out and seeing a retest of the neckline as viewed on higher timeframes but more visible on the seven day chart. Though this is a bullish pattern, the major supporting indicators currently are not yet confirming buying bias as both the 20 and the 50 moving average are below the 200 moving average and market speculators may dive the price down and in that case making the pattern a false flag.
On the daily chart, buyers did not push the price past the price handle 1.35 level as market speculators could have noted and looked backed and viewed a previous month long indecision phase. And so generally market speculators will be looking for short scalp or intra-day positions.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years’ experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning development solutions, programs, organizational strategies frameworks, and blended learning approaches for companies and institutions in Africa.