Sterling shows bullish tone on tuesday,is it fading again?
Sterling held onto a moderately bullish tone Tuesday, recording a fourth consecutive daily gain. From a technical standpoint, H4 recently knocked on the door of 1.29, a level that’s withstood two upside attempts this week. In spite of this, sellers offer a non-committal tone at the moment.
As having said, 1.29 is proving a problematic hurdle to overpower on the H4 right now, despite the higher timeframe supports in sight. Yet, given the lacklustre show from sellers here, a 1.29 breach is still potentially in store. Above 1.29, the river north on the higher timeframes appears ripple free until daily resistance at 1.3017, which happens to merge with the key figure 1.30 and H4 resistance at 1.3009.Dip-buying at any retest seen at 1.28 remains a possible scenario (should intraday sellers strengthen their grip).Another setup worth keeping a tab on is a H4 close above 1.29, signalling bullish scenarios in favour of reaching the 1.30 range. Irrespective of the support used, conservative traders are likely to seek at least additional H4 candlestick confirmation before committing.
As having said, 1.29 is proving a problematic hurdle to overpower on the H4 right now, despite the higher timeframe supports in sight. Yet, given the lacklustre show from sellers here, a 1.29 breach is still potentially in store. Above 1.29, the river north on the higher timeframes appears ripple free until daily resistance at 1.3017, which happens to merge with the key figure 1.30 and H4 resistance at 1.3009.Dip-buying at any retest seen at 1.28 remains a possible scenario (should intraday sellers strengthen their grip).Another setup worth keeping a tab on is a H4 close above 1.29, signalling bullish scenarios in favour of reaching the 1.30 range. Irrespective of the support used, conservative traders are likely to seek at least additional H4 candlestick confirmation before committing.