GBPUSD : The action of testing the 12 years trend line
Hello all, here is my overview of the GBPUSD , let's get to my chart work.
The orange trend line is a very strong resistance area of GBPUSD, that's why I'm not surprise of the last correction of the price. Since it's the 12 years trend line, the price needs to give respect of this resistance trend line. Currently I'm looking for more retracement in upcoming day to the white region as the action of retesting the previous broken resistance trend line that is now become a support. Beside, the white support trend line is having an alignment with the .618 fibonacci retracement level.
The MACD is now trending at negative side with the negative side with the histogram is ticking down to the negative side showing the momentum for the bears are increasing.
There will be a very negative sentiment in the upcoming days and I hope that the white region can hold the price from further drop, because if it's not able to hold that, we will see a drop toward the green region as the interim swing low below 1.20000 .
The orange trend line is a very strong resistance area of GBPUSD, that's why I'm not surprise of the last correction of the price. Since it's the 12 years trend line, the price needs to give respect of this resistance trend line. Currently I'm looking for more retracement in upcoming day to the white region as the action of retesting the previous broken resistance trend line that is now become a support. Beside, the white support trend line is having an alignment with the .618 fibonacci retracement level.
The MACD is now trending at negative side with the negative side with the histogram is ticking down to the negative side showing the momentum for the bears are increasing.
There will be a very negative sentiment in the upcoming days and I hope that the white region can hold the price from further drop, because if it's not able to hold that, we will see a drop toward the green region as the interim swing low below 1.20000 .