The Pound is down against all majors

The Pound is down against all majors

Key support: 0.8593
Key Resistance: 0.8720 – 0.8535

Long Term View
Since the highs in December the Pound has rallied 7.5% against the Euro (-7.50% move in the EUR/GBP) and last week it rejected the 0.8550 level which is a massive area of resistance turned support from May 2020.

1H Chart Analysis
Price is trading inside of a falling wedge below the weekly pivot and this 1H candle has engulfed the last 6 1H candles in a very bullish move breaking with the wedge.

The Pound is falling against all major currencies (GBP/USD -0.55%). This dip in the Pound has created a bullish move in the EUR/GBP for a possible retest of the weekly highs.

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Author : Orlando Gutierrez

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