We mentioned that the 1.10 level in EUR/SD would be the first resistance level and it is proving itself. The price got close to it and it is backing off as I type. Looks like the sellers are piling in. It might even be broken, you can never be 100% sure in this business, you can only spot buy/sell areas and weigh the risk/reward ratio at each level. If the ratio, which is based on your forex analysis, favours the reward then you go for it. That´s all we can do as traders, add here some money management and market sentiment techniques.
Spot the moving averages
Anyway, let´s have a look at another forex pair, GBP/USD. This forex pair is quite unpredictable right now but for those who have the urge to trade it, we can offer a helping hand. The first resistance level comes at 1.3160 which is where the 100 moving average stands on the hourly forex chart and has been the high so far today, then 1.3200-10 which was the low after the Brexit referendum. Support comes at 1.3115-20 which is where the 20 moving average stands on the hourly chart and then 1.3070-80 level which provided support during last week.
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