Above is the 4-Hour chart of Pounds. It is a typical example for the use of pitch-fork. Starting from late October, Sterling has been rising along the purple fork, price bounced whenever it touched the bottom like of the fork.
Yesterday, GBP dropped out of the fork. We can see that MACD and its EMA gave a bearish signal as well. These two indicates that the trend for pounds has reversed. It is currently testing the support of 1.6105.
If this level breaks, it would keep sliding along the blue down-trend line. Next support would be at 1.60.
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