Volumetric analysis on August 09
Moving down on the pound is a move toward to contract. Zone of 1.2900-1.2975 for us considered as resistance. There might be sellers open interest and there could be reaction of the price towards to 1.2825 with the potential go even lower. The appearance of a price above the 1.2975 price tag will tell us that the sellers do not have the strength, and we expect range formation in such case.
False breakdown at yesterday's trading session is very interesting. And we can assume the development of the downtrend. The mark at 1.2985 is very likely as next target, either through a rollback up, or immediately. A breakdown of 1.2960 and further movement is also likely scenario. We still do not think about buying anything. Only breakdown of 1.3120 can suggest us to do it, but the breakdown can be only as a result of the publication of any external events.
Oil broke through the mark of 66.30, and most likely the decline will continue. We mark zone 67.00 - 67.70 as a zone of probable finding of open seller’s interest and assume there could be some reaction. The target can be taken at 66.15, and for the future at 65.00. A breakdown of the mark at 67.70 will prompt that there is no open interest among buyers, and we will continue to range.
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