Volumetric analysis on September 11
Due to the Brexit theme we see quite a storm in quotations, and almost every day the market structure is changing. However, we assume that there will not be another sharp change in the next few days, we will continue to adhere to the structure that now exists. Moreover, news related to Britain's exit from the European Union support pound. We draw attention to the fact that yesterday the quotes closed at the high of the day, and support of 1,3010-1,2995 played did not allow the price to roll back below. In general, this is reason to believe that the upward trend is strong and we can expect the price rise to 1,3100, and possible correction will not be lower than 1,2995. However, if this happens, then it makes sense to prepare for a serious rollback to 1.2950-1.2900, where we should also wait for the reaction of the price and the rebound upwards.
The situation has not changed much, although we saw an attempt to break down, which was today in the Asian session. The area of 0.7135-0.7170 can still play resistance, since the volume that has been aggregated there are maximum. And even the fact of breakdown at the level of 0.7170 is not a sign of a change in trend. Since the main force moving the quotes down, is located in the price range 0.7240 -0.7135. Therefore, the downward movement is our priority, and one of the most potential targets is 0.7080.
The pair has a larger lateral structure than the trend one. The resistance of this sidewall is located in the range of 0.9740-0.9775 and only breakdown at 0.9775 will indicate the development of some trend, and will allow to expect growth to the level of 0.9815. But according to the classical technical analysis interpretation, you can count on movements in the outset. Rebound from the resistance and the movement towards the support at 0.9690. In addition, it is not necessary to count on particularly serious movements, since the expiration of the main currency futures, which will take place on September 19, is ahead of the pair, and most likely, before this date will be traded inside the designated outset.
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