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See What Happens with Support at 1.2100

See What Happens with Support at 1.2100 | 14 March 2017

14 March 2017, GBP/USD

Daily chart: the pair is dropping towards key support level at 1.2100 at a rapid pace. Around this support level we are likely to see limited demand.

See What Happens with Support at 1.2100

Н4: intermediate support level at 1.2130 faces high pressure and is highly likely to be broken by bears. Today's area of interest for us is around 1.2100.

See What Happens with Support at 1.2100

Н1: bears push the price in 1.2130-1.2140 area so hard, that there is almost zero chances for bulls to protect it. We expect pound to reach 1.2100 area, in this region it would be possible to make mid-term trading forecast.

See What Happens with Support at 1.2100

Expectations: drop to 1.2100 area or lower to 20 area, however we believe that bulls would try to enter market, so significant upward rollbacks are possible.

Solutions:

1. Consider selling towards 1.2100

2. Consider looking for upward signals in 1.2100 area.

See What Happens with Support at 1.2100

Aleksey Panasenko
FreshForex Analyst
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