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Chart and candlestick patterns occurred: Back-to-back shooting star patterns have occurred at 149.031 and 148.900 levels to hamper previous bullish momentum and plummet prices subsequently (refer daily chart).
Bears on weekly terms managed to breach below channel support, consequently, the current price tumbles well below DMAs and EMAs, while both leading & lagging indicators bearish bias
Ever since the occurrence of this bearish pattern, the price slumps have gone well below DMAs, while both momentum oscillators substantiate bearish sentiments, trend indicators indecisive but bearish bias (refer daily chart).
While the intermediate trend spikes through rising channel (refer weekly chart), where shooting star candle occurs at 150.201 levels and evidences considerable slumps below EMAs but cushions at channel support and attempted to bounce back, rallies could not sustain but restrained below 21EMAs.
Both RSI and stochastic oscillator on both timeframes have been converging downwards that indicate strength and momentum in the selling sentiments.
While MACD substantiates bearish interests, signals extension of price slumps.
Trade tips:
On speculative grounds, at spot reference: 146.258 levels, we advocate buying tunnel spreads using upper strikes at 147.205 and lower strikes at 145.504 levels.
Alternatively, one can initiate shorts in futures contracts of mid-month tenors with a view to arresting potential downside risks as the underlying pair is on the verge of extending price dips which is 2m lows.
Currency Strength Index: FxWirePro's hourly GBP spot index is flashing -42 (which is bearish), while hourly JPY spot index was at 122 (bullish) while articulating (at 06:01 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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