GBP/USD Retracement Ahead Before Tumbling Further
BEAR INDICATORS
1. Rising Wedge chart pattern
2. Price broke through rising wedge support line
3. Price still trading below bear trend line (resistance)
BULL INDICATORS
1. Price is currently at a pivotal level, now rejecting the weekly 38.2% Fib level
found around the 1.53100 area
What to look out for?
If prices close above weekly/daily resistance line @ 1.54870, expect further upside for Cable and the inverted
head and shoulder chart pattern intact.
CONCLUSION:
Outlook overall is a bearish bias and will be waiting for the short term rally to finish before joining the bear trend.
However will be keeping an eye on the weekly candle as the short is taken.
Should the weekly candle close near its open, prices could move further to the upside (resuming its initial uptrend).
SHORT ENTRY LEVEL
1.54400 - 1.54600
DOWNSIDE TARGETS
T1 - 1.53181
T2 - 1.51632
1. Rising Wedge chart pattern
2. Price broke through rising wedge support line
3. Price still trading below bear trend line (resistance)
BULL INDICATORS
1. Price is currently at a pivotal level, now rejecting the weekly 38.2% Fib level
found around the 1.53100 area
What to look out for?
If prices close above weekly/daily resistance line @ 1.54870, expect further upside for Cable and the inverted
head and shoulder chart pattern intact.
CONCLUSION:
Outlook overall is a bearish bias and will be waiting for the short term rally to finish before joining the bear trend.
However will be keeping an eye on the weekly candle as the short is taken.
Should the weekly candle close near its open, prices could move further to the upside (resuming its initial uptrend).
SHORT ENTRY LEVEL
1.54400 - 1.54600
DOWNSIDE TARGETS
T1 - 1.53181
T2 - 1.51632