Hi Traders,
The gbp started the week looking to follow through on the bullish momentum, however bears took control for most of the week. The stochastic showing bearish cross on Nov 21.
Friday' price action broke the 618 fib retracement because of bad PMI data coming out of Europe and the UK.
I would argue that we are in a period of consolidation, with the trend channel containing price action.
Would look for range plays going into the new week.
Kind regards,
Aardall
The gbp started the week looking to follow through on the bullish momentum, however bears took control for most of the week. The stochastic showing bearish cross on Nov 21.
Friday' price action broke the 618 fib retracement because of bad PMI data coming out of Europe and the UK.
I would argue that we are in a period of consolidation, with the trend channel containing price action.
Would look for range plays going into the new week.
Kind regards,
Aardall