The British pound rose during the Friday session but found the 1.24 level to resistive to continue. By forming a shooting star, this suggests that we are going to pull back in a break below the bottom of the range for the day should be rather negative. I don’t think we’re going to break down significantly from here though, I think this is a short-term trade at best. There are a lot of conflicting opinions as to what the Article 50 will do to this pair, currently I believe that we will fall from here but value hunters will pick up the pieces rather quickly.
Written by FX Empire