Thursday’ session showed that currency bulls have had serious problems with the nearest resistance once again in a row. In response to their weakness, the sellers came in off the fence and triggered a sharp decline. Thanks to their attack, the chance for THIS pro-bearish formation is growing.

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After yesterday’s session it seemed that currency bulls took control after GBP/USD climbed above the previously-broken long-term resistance line. As it tuned out, it was just a short-lived improvement, which caught too emotional investors who underestimated the broader picture of the exchange rate. What can we expect in the following days?

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From session to session the British pound is strengthening against the greenback in small steps, but there is something important on the horizon, which could encourage the sellers to act in the following days.

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The first session of the week took the euro lower against the greenback, which distanced EUR/USD from the previous July peaks. Thanks to this price action, the pair slipped under 1.7000 and it seems that something bearish is forming on the horizon…

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On Friday, the Australian dollar moved sharply higher against its U.S. counterpart, which took AUD/USD to its first important resistance zone. Will currency bears be active here once again?

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