Closing off the Week on the GBP

Morning Dynamic Traders

Apologies for the delay in my update, I have been experiencing some technical difficulties this morning which are all solved now.

Friday morning we saw the pound start to weaken. In the end the GBP closed on Friday lower than where it started.
Below is an hour chart and I have marked out the bars for Friday. After the large increase in price after it fell to the Fib breather level that I mentioned on Friday morning's update, price then continued to fall. Price fell and then found some help at a previous support line, which also happened to be at a Fib breather level and at a RN.













As you can see price then began to climb and seems to be struggling again at the same RN where price fell from.
It will be interesting to see whether price can break this resistance and continue to climb?

Tomorrow I will start to follow another currency pair.

This rounds off a week of following the GBP and I would also like to show my appreciation to fellow JMA Zaheer for his awesome updates last week!!

Happy Trading

Richard Monnery