Direct from the desk of Dane Williams,
This is not your average forex broker blog.
As is now the norm, US stock futures are already limit down at the open and today's shaping up to be another shitshow of epic proportions.
But with that being said, something I always preach is that markets always display rationality.
Just take a look at the EUR/GBP price action below.
The higher time frame chart shows price rallying like an absolute boss, but still stepping up between support/resistance levels.
You can see at the top of the daily, price pushed through the obvious resistance zone, but soon found itself back underneath.
Friday's price action gave us a retest of the level once again as resistance, essentially showing us that it's still significant and reactivating it in the process.
EUR/GBP is now definitely in play for the sellers.
Best of probabilities to you,
@forexbrokr | Hive Blog
Market Analyst and Forex Broker.