As we can GBPUSD managed to rebound from the trend line I drawn. So what we should expect for now? I will be focusing on S&R, Fibonacci Retracement, Elliot Wave and Bollinger band for now.
Support and Resistance
From just support and resistance point of view, we can see a possibility for price level rising up till the resistance level @1.2620. This is where we saw multiple rejection off this area and will be an important level for us to see a possible rejection. However, if price level remains strong BULLISH we can see a breakthrough off that level.
Fibonacci Retracement
We can see that this recent downtrend from GBPUSD managed to hit the 50.0 fib level where we see a rejection off this level now. Thats where we can see a short bullish movement towards 23.6 fib level @1.2645. With that, the strong resistance and 23.6 level form my strong RESISTANCE AREA (red area) where we should keep an eye on.
Elliot Wave
From an elliot wave perspective what we saw was wave 1 to 4 forming and now price level rejecting to form a potential wave 5. After which we could possibly see a rejection off that level for a BEARISH retracement. Rather straightforward look from Elliot wave.
Bollinger Band
The reason why I chose to use bollinger band is just a confirmation from the rejected middle band level which show us a BULLISH movement now is rather possible. Definitely moving towards the upper band area.
As of now, lets trade the short bullish movement and if we see a rejection off my resistance area, I will update again on what we should do. Stay tune!!!
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
Support and Resistance
From just support and resistance point of view, we can see a possibility for price level rising up till the resistance level @1.2620. This is where we saw multiple rejection off this area and will be an important level for us to see a possible rejection. However, if price level remains strong BULLISH we can see a breakthrough off that level.
Fibonacci Retracement
We can see that this recent downtrend from GBPUSD managed to hit the 50.0 fib level where we see a rejection off this level now. Thats where we can see a short bullish movement towards 23.6 fib level @1.2645. With that, the strong resistance and 23.6 level form my strong RESISTANCE AREA (red area) where we should keep an eye on.
Elliot Wave
From an elliot wave perspective what we saw was wave 1 to 4 forming and now price level rejecting to form a potential wave 5. After which we could possibly see a rejection off that level for a BEARISH retracement. Rather straightforward look from Elliot wave.
Bollinger Band
The reason why I chose to use bollinger band is just a confirmation from the rejected middle band level which show us a BULLISH movement now is rather possible. Definitely moving towards the upper band area.
As of now, lets trade the short bullish movement and if we see a rejection off my resistance area, I will update again on what we should do. Stay tune!!!
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!