MNI Analysis: GBPSEK To Pressure Pivotal......>

FOREX: MNI Analysis: GBPSEK To Pressure Pivotal Support

- GBPSEK has recovered from the mid-November low, but gains have remained

limited and corrective, suggesting the focus is set to remain on the downside.

- Indeed, medium term trend and momentum indicators continue to give negative

signals, suggesting the 11.4988 / 11.4743 June to November base could be

re-tested.

- The 11.4988 / 11.4743 area not only represents major support, but also a

longer term pivotal point.

- A break below the 11.4743 support would likely put the focus on the 50%

retracement level of the rally from 10.2244 (August 2017 low) at 11.1885, and

then the lows of the year at 10.9685, last seen in January.

- For chart see: https://tinyurl.com/MNI-GBPSEK-26NOV18