The Brexit vote is approaching and the British Pound is moving. Here’s the important price levels that traders need to know.
Click here to watch a video explaining how to read markets using volume at price.
British Pound futures (6B #F) have been rallying and have reached resistance at 1.4674 – 1.4771. A break above this zone would signal a bullish shift and target a move higher to next resistance at 1.5080 – 1.5168 and 1.5306.
If price is unable to break above resistance and reverses back to the downside, the bias will remain rotational as it has been for the entire year-to-date.
There remains support at the bottom of the rotational zone at 1.4008 – 1.4079. Any breach of this support would instead be bearish and signal additional downside.
