GBP/USD - GOING DOWN DOWN DOWN
Taken a long look at this pair and there are so many confluences for short positions.
Last months candle was a bearish engulfing marubozu.
All moving averages are bearish.
Weekly Fibonacci (not drawn on this chart) is bearish and has bounced from 78.6%.
On the Daily we have a Head and Shoulders pattern that has smashed through the neckline.
Also have a Daily bearish Fibonacci with touched 78.6% with tweezer tops.
Inner and Outer trend lines have been broken.
We are now currently sat at Weekly Mid-Range support (1.5250).
I think we could see some bullish movement towards 1.5500 which will help to make a new Fib from (R Shoulder) to 1.5250, before a strong Bearish movement.
Last months candle was a bearish engulfing marubozu.
All moving averages are bearish.
Weekly Fibonacci (not drawn on this chart) is bearish and has bounced from 78.6%.
On the Daily we have a Head and Shoulders pattern that has smashed through the neckline.
Also have a Daily bearish Fibonacci with touched 78.6% with tweezer tops.
Inner and Outer trend lines have been broken.
We are now currently sat at Weekly Mid-Range support (1.5250).
I think we could see some bullish movement towards 1.5500 which will help to make a new Fib from (R Shoulder) to 1.5250, before a strong Bearish movement.
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