...Fall stalls
In an earlier post, I outlined the 1.3026-41 area as a swing level going back to November and December 2017. In June, the price dipped to 1.3049 and bounced. In July that floor was broken. However, after closing below the level for one day (and moving to a 2018 low at 1.29569), the price corrected higher.
The BOE decision and presser, pressed the level and moved below. The low today reached 1.30154 but bounced after comments from Carney were over.
Looking at the hourly chart below, the price moved back down off the initial bounce. This time, however, the price bottomed at 1.3026 and we are seeing a bounce back up to 1.3041 currently.
Are the buyers back in?
Can they hold the 1.3026 and push back higher?.
The yellow area (on the charts) is s a risk defining level for traders looking for a bottom. If it breaks lower, be careful. Look to get out. If it holds, maybe there is more upside in store for the pair (technically).