Current Price: 1.9852
Rate finds resistance over the 100 bar MA for the second time in two days suggesting the sellers are confident selling into rallies; close under the 50 bar MA would be preferable near-term as stops are likely building for the next leg lower inside the range from last week. Active selling needed to find stops I think; more under the 197.20/30 area for size desks say. Look for continued two-way action but strong-sell signal is valid for the next 72 hours. Aggressive traders can sell GBP over the 1.9900 area.
Analysis by: Forexpros.com written by Jason Alan Jankovsky
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.