The pound took quite a tumble today

Forexmentor.com Forex Trading Price Action

The pound took quite a tumble today but, of course, this was all pretty predictable. Last night, the 200 EMA on the 4 hour and 1 hour charts was trending down, and downtrend continuation patterns were also evident at those chart levels, with MACD having neutralized back up to the waterline in each case. Sure enough, price came into today’s session on the 15 minute chart,and immediately met resistance at the central pivot point. Thereafter, it collapsed in a blaze of glory, only to find support at S2.

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