Gbp/Usd Daily Market outlook
Context:
after a strong rallie price broke a major supplyline, but found resistance @1.555x
the correction resulting in that , brought us near the 50% retracement of the rallie, where price
now makes another attempt to tackle the resistance level, price formed somewhat near the recent high
an indecsion but it resoloved itself to the upside , which is a sign of stenght, if price fails again to takeout the
resistance we may form a range with support @50280 and resistance @555x , however a break of @555x is also a
major sign of strenght returning to the market
signs of strenght:
rallie broke major supplyline
50% retracement holds
indecision resolved itself to the upside
signs of weakness:
resistance still holds
after a strong rallie price broke a major supplyline, but found resistance @1.555x
the correction resulting in that , brought us near the 50% retracement of the rallie, where price
now makes another attempt to tackle the resistance level, price formed somewhat near the recent high
an indecsion but it resoloved itself to the upside , which is a sign of stenght, if price fails again to takeout the
resistance we may form a range with support @50280 and resistance @555x , however a break of @555x is also a
major sign of strenght returning to the market
signs of strenght:
rallie broke major supplyline
50% retracement holds
indecision resolved itself to the upside
signs of weakness:
resistance still holds
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