The major is testing lower boundary of the wide and stiff pivot-zone 1.2165-1.2250. We should acknowledge that close of the Friday’s session was not bad for bears. However we are still set to expect forming of intermediate corrective upswing which is absent in the structure of pound.
Will this factor let go below support 1.2165 - we’ll get to know today. If not - traders will get a good opportunity for long trades.
Let’s also remind of a day-off in the US and Great Britain today. Volatility may prove extremely low.
Local structure got temporary lower high that may threaten to overall bearish tone of the market by a reversal. But bulls just might have the lack of fuel for movement above resistance zone 1.2205-1.2212. It seem that we’ll get flat between this zone and support 1.2161-1.2169.
Flat in the 1.2161-1.2212 range.
Seeking additional short-term signals to both sides inside the 1.2161-1.2212 channel.