Strong support is likely at $1.2161.
June that the price was quite evenly balanced between equally spaced support and resistance levels. This plus the fact that it is a Monday with no major news or data releases scheduled, suggested that the price was likely to be very unpredictable and choppy today. I expected it would move only by a little and remain between the nearest key support and resistance levels.
This was a mixed call as I was wrong about the nearest resistance level holding. However, I was correct about there being little, choppy price movement over the course of the day. The price chart below shows very clearly that the price has continued to make a relatively wide and choppy consolidation between $1.2338 and $1.2161.eventually and there is more fundamental optimism over the US Dollar than the British Pound so the odds are it will be a bearish breakdown., as it looks like this week will see a quiet Forex market with few major data releases scheduled – we are also getting into the summer period where market action tends to quieten down.
This means that the best trade entry likely to set up today would be either a short trade from $1.2338 or a long trade from $1.2161. I will be happy to take either if there is a suitableRegarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time. There is nothing of high importance scheduled for today concerning the GBP.
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