British pound remains within a bearish channel and is capped by its declining
50-period moving average on 30-minute chart, currently at $1.2929. Moreover, the
14-period RSI is standing within its selling area between 50 and 30, confirming
the bearish bias. As a consequence, below horizontal resistance at $1.2930,
further weakness is expected toward previous overlap at $1.2895 and toward
strong horizontal support at $1.2870 in extension. A third target is set at
$1.2850.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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