Time for the Sterling to revist support

Price has formed a rising wedge formation seen on lower time frames, confirmed by decreasing volume as it tests Aug 1.20x support as resistance. This also marked a 50% retracement on higher TF (clear on Daily), showing high demand for selling and a slowing bullish momentum, also confirmed by ST as it shows a peak at 1.2025. Key levels to watch are: 1.119x (50% retracement on lower TF), 1.176x of Jul lows and obviously the 1.20x local resistance level.

Yorum:

STOPPED OUT at @ 1.208x, seems daily candle has closed above 0.5 resistance level (and thus the rising wedge resistance trend line) and consolidating.