Although not great support from the technical indicators to suggest move upwards, the previous structure suggest oversold conditions and a potential move back up to the higher Support / Resistance. Watch for false breaks TP just under 200SMA. There is a chance the indicators are correct and the market moves lower first before the breakout.
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Indicators were correct, bulls weren't ready. The bearish flag break could either result in refreshed indicators and another run at the 1.245 level and an attempt at a channel break, or it could be indicating weakness in the GBP. Either way, a break above 1.245, or below 1.237 would most likely result in a trend, and a possible entry.
Indicators were correct, bulls weren't ready. The bearish flag break could either result in refreshed indicators and another run at the 1.245 level and an attempt at a channel break, or it could be indicating weakness in the GBP. Either way, a break above 1.245, or below 1.237 would most likely result in a trend, and a possible entry.