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The Pound has reversed its surge against the Greenback in an ascending channel pattern and formed a descending channel pattern, which has broken the lower trend line of the previously active channel. The now dominant patterns is aimed at the 23.60% Fibonacci retracement level, which is located at the 1.2321 level. The most relevant and in medium term effective Fibonacci retracement levels are measured by connecting the 2016 low and high levels. However, on its way downwards the pair might find support before the retracement level, as at the 1.2378 level the 200-period SMA is located at. The simple moving average has proven itself more than once to be strong enough to change the pair's direction.
Tue, 11 Apr 2017 13:27:24 GMT
Source: Dukascopy Bank SA