GBPUSD starts selling off approaches trend-line
There are different variations of spotting a trend change. One way is to use a moving average. This is exactly the case here.The GBPUSD crosses over the EMA-60 over on the hourly time frame. This is one of my personal favorite exponential moving average setup because the historical price data actually plays off the moving average.
As you can see, the EMA-60 is a very nice dynamic support and resistance level as price constantly bounces off of this moving average setting. Here we have the first indication of a trend change as the price crosses below the moving average with one test already.
Is it safe to be bearish and start selling? Selling is currently not advised as we still have one ascending trend-line test. This trend-line remains quite strong with 5 tests already. This makes it very likely for price to test this trend-line once again
As you can see, the EMA-60 is a very nice dynamic support and resistance level as price constantly bounces off of this moving average setting. Here we have the first indication of a trend change as the price crosses below the moving average with one test already.
Is it safe to be bearish and start selling? Selling is currently not advised as we still have one ascending trend-line test. This trend-line remains quite strong with 5 tests already. This makes it very likely for price to test this trend-line once again
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