TEST -Weekly Levels:
GBPUSD pushed further to the downside this week, after Friday’s New York open, with the bears breaching south of the 67.00% fib level, reaching a low at a decrease of 2.06% from the prior weeks close.
Fresh bearish momentum and volume are increasing on the squeeze and Weis Wave Volume Indicators on both the Daily and Weekly charts shown. Price is heavily extended from its economic equilibriums of its EMAs on the daily while displaying oversold signals on both charts. This may suggest a primary probability for the bulls to see a price action pullback or retracement north in due course. The secondary probability would be for the bears to push price further south in the coming week.
Key support & Resistance:
S1: 1.2550 S2: 1.2450
Areas & Periods of Risk:
Thursday 23rd – Friday 24th May European Parliamentary Elections – This event may cause an extreme uptick in market volatility and risk within this currency pair during these days.