Does the GBP have the legs??

Good Morning Dynamic Traders

I signed off yesterday’s update asking what will price do during the course of Thursday and would price struggle at the second trend line?
The GBP couldn’t have given us clearer answers.
From the day chart below you can quite clearly see that price crashed through the trend laughing at it as it went pass.

You might also have noticed today’s green bar. As I have been typing this update the bar has actually got a little weaker. Why? I hear you ask!

If you have a butchers at the hour chart below you will find your answer. You will see that price increased all the way to a RN, which also happens to be at a previous resistance line. Price then started to fall, but as you can see price didn’t really want to as it took 15 hours to perform the drop. Price then found strength at a support area which is also at a Fib breather level. Price was then propelled straight back to the previous resistant line where it once again seemed to be struggling.
















I am looking forward to finding out what happens today as price is currently dropping, but it isn’t too far away from another Fib breather level. So will price reach the breather level and then climb again, or will it fall back down. Find out on Monday’s update.

Hope you all have a great weekend

Happy Trading

Richard Monnery