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As you could probably observe on monthly plotting, the bull swings seem to have been totally exhausted at channel resistance. Ever since then, steep slumps have been evidenced.
As a result, the current prices are still well below 7EMAs despite ongoing rallies. In this process, the triple top formation has occurred with top 1 at 1.7173, top 2 at 1.7650 and top 3 at 1.7996 levels.
For today, the bullish rally is not convincingly supported by both leading and lagging indicators, thus, trend and momentum in this bullish sentiment has still been dubious.
The pair has retraced almost more than 38.2% Fibonacci retracements from the peaks of 1.80 to the lows of 1.6167 levels. The lingering bears are all set to break below strong support zones 1.7185 and 1.7166 levels (i.e. 21EMAs).
Any decisive break below these support zones with bearish EMA crossover indicates the extension of further price slumps, consequently, the triple top formation would be confirmed as both the leading & lagging indicators to favor selling interests since they constantly converge downwards to the price dips.
On the flip side, MACD on daily plotting has also been indicative of the prolonged bearish travel.
Trade tips: Contemplating above technical reasoning, amid ongoing rallies but restrained below 38.2% Fibonacci (today highs exactly at 1.7301 levels) we could foresee more dips on cards with 1.7185 acting as the strong support.
Hence, at spot reference: 1.7271, one can speculate this pair by buying boundary binary options with upper strikes at 1.7312 (10 pips tolerance) and lower strikes at 1.7185 levels.
Currency Strength Index: FxWirePro's hourly GBP spot index has turned into 26 (which is mildly bullish), while hourly AUD spot index was at shy above -39 (bearish) while articulating (at 11:30 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
Strength indices are also indicating the neutral outlook of this pair and conducive to our strategy.
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