- November 29, 2017
- Posted by: range
- Category: Technical Analysis
As it was warned yesterday, publication of encouraging news from the United States one after another led to notable appreciation of the buck whose surge was stopped only is support zone located around the weekly S1 at 1.3231.
Since the rebound was based on reports that Britain has finally managed to reach a deal with the European Union, the Pound advanced by 1.1% just in three hour and ended the day at previously mentioned 1.3380 resistance level.
Although volatility was high, it did not lead to dissolution of the channel. In contrast, it forced only to adjust its boundaries. As a result, during this session bulls are expected to continue trying to push the cable to the weekly R1 at 1.3406. But as this indicator crosses upper trend-line of the pattern, a new rebound is expected to follow.