The pair extends steep descend into sixth straight day, with strong bearish acceleration on Thu/Fri, being boosted by hawkish comments from BoE yesterday and hawkish shift of former most dovish MPC member, who advocated for rate hike in coming months, in today’s comments.
Bears surged through rising daily cloud and generated additional bearish signal, as further extension below cloud dented weekly Kijun-sen support (0.8809) and hit fresh two-month low at 0.8793.
Higher low of 14 July at 0.8742 and weekly cloud top at 0.8699 (also Fibo 61.8% of larger 0.8312/0.9306 rally) are coming in focus.
The pair on track for very strong bearish weekly close (the biggest one-week loss since early Feb 2013), which will also mark the third consecutive weekly close in red and further weigh on pair’s short-term action.
Res: 0.8864; 0.8906; 0.8957; 0.9011
Sup: 0.8793; 0.8742; 0.8699; 0.8640
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.