GBP/USD 19/03/2018

FX:GBPUSD   British Pound / U.S. Dollar
Sentiment: Bullish (Long term)

• Moving Averages crossed to the upside
• Price action showing a bullish structure
• Price finding resistance at the weekly resistance level of 1.42790 after making a strong bullish advance in January but failed to close above it leaving a wick showing clear rejection
• Following February candlestick indicates a strong downtrend that month as pullback from strong bullish run
• Moving averages crossed to the upside indicating bullish momentum
• Price action left a spinning top on its current candle which is within the range of the previous weeks candle and a subsequent pullback followed
• Price broke above the 1.38368 resistance level now support first time since October 2016
• Monthly support level of 1.38368 holding
• Moving averages remain crossed to the upside being in confluent with higher time frames
• Price action formed a double top candlestick pattern at the weekly resistance level of 1.42790 with last P.A candle being a strong bearish engulfing candlestick and it subsequently dropped but found support on monthly level
Bearish counter trendline broken and price to make a bullish advance
• Counter trendline broke above and P.A left a doji candlestick as a retest on the by zone of the trendline
4 Hour
• Moving averages about to cross to the Upside
Bearish counter trendline broken
• P.A showing reversal in structure from making lower highs and lower lows to now making a higher lows and passing the past higher low
• P.A made a retest after breaking above the counter trendline by leaving a bullish pinbar with a long lower wick which found support on the 50.00% Fib level
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