Technical analysis on the British Pound, GBP Index
Technical analysis on the British Pound, GBP Index
16 Feb
16Feb
Analysis of the British Pound Index: BXY
The British Pound index is trading in a direction and bullish momentum on the weekly chart. It is approaching the resistance of 143 - 146 by meeting the previously broken Demark trend on the weekly chart. These levels are as shown in the diagram. The pound will respond to the decline, and thus the pound will be sold at the time in front of the global basket of currencies. Traders are advised to enter short positions for the British pound from levels 143 to 146 respectively, while maintaining an adequate stop loss for all trades.
