Sterling to gain some momentum with further dollar decline?
Keeping it simple here with a key area marked, fib and trendline .
Uncertainty and recent events in the US could leave to the dollar weakening more over the coming days / weeks. With the fib drawn we could potentially be in for a bounce from the 61.8 level and looking at the 4hr chart this level matches us with some previous support that we are consolidating around currently. Personally I would wait for a clean breakout from this consolidation on the 4hr chart before entering long. We could see a new high formed here but I would feel comfortable riding this up to the previous high to be on the safe side.
Uncertainty and recent events in the US could leave to the dollar weakening more over the coming days / weeks. With the fib drawn we could potentially be in for a bounce from the 61.8 level and looking at the 4hr chart this level matches us with some previous support that we are consolidating around currently. Personally I would wait for a clean breakout from this consolidation on the 4hr chart before entering long. We could see a new high formed here but I would feel comfortable riding this up to the previous high to be on the safe side.
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