CapMoore

Possible Final Run to Major Target Level at 1,5375-1,54

FX:GBPUSD   British Pound / U.S. Dollar
134 1 3
Price has reached important horizontal support around 1,56
but chances seems good that price will complete the ABCD
pattern starting from the bounce off Yearly Pivot R1. The
target level hold a confluence support of 76,4 fib, Yearly S1,
Bottom of the Pitchfork channel and the D-level. Such a cluster
of support tends to attract price as it moves close when buyers
resignate and sellers come in. Since the USDOLLAR             index
still has some room up before reaching the Price Reversal Zone,
it adds to the chances of a final run down to test the 1,5375-1,54 level.
Possibilities of a correction from here are also present, but
a close below 1,5575-1,56 will considerably increase chances
of a final move down. Note that Price has put in a Bearish Kumobreak
two weeks ago that has seen followthrough. This may indicitate that
the move down may continue even further than the 1,54 level. With
not much support below 1,54, next level would be 1,48.
I agree... On 4H, macd and stoch are crossing, also RSI is below 50 and just bounced off a retest. These indicators seem to be quite reliable on 4H with the settings I have but I really want to see a break and close below 1.56/1.559 with momentum for confirmation. If that happens, I'll enter short with a stop above 1.565. Alternatively you could enter now with a stop above 1.575. Thanks for sharing!
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