Not stopping at 200 dma or the Dec 2012 trendline. Next station 55 wma at 1.5641.
While the sick puppy USD/JPY gets sicker and EUR/USD struggles at 1.3400 cable marches on. We didn’t really bat an eye at the 200 dma nor the trendline.
Looking up we have the 55 wma at 1.5641, the 100 wma at 1.5680, the 55 mma at 1.5730 and the 200 wma at around the 9 June high of 1.5753
GBP/USD technical analysis chart 8 august
The barrier didn’t last at 1.5550 but the one at 1.5600 may be stronger while mixed in with natural orders ahead.
EUR/USD has pulled up 5 pips shy of 1.34 and the 200 wma, having also taken out two trendlines.
It’s all slow going out there though. These are not moves coming from any reason and it feels like the market is just trying to see where the real boundaries are in the summer lull. It’s like feeling in the dark.
This type of trading can trap you into a slow burning position that you will have to sit on for a while. It makes it even more important to pick your levels and try to keep your risk at a minimum.