CapMoore

Will retesting of LT Channel & Yearly Pivot Point give support?

FX:GBPUSD   British Pound/U.S. Dollar
90 0 1
The impressive depreciation in the Cable bounced off of the
3rd quartile of large Pitchfork in early Sep but has now breached
it and reached the top of the LT             channel. It also closed below
the Yearly PP at 1,60. The big question is: Will the pound pause
here? Price respected the Yearly R1 nicely, so one option is
that the combo of Channel Top (retest of break out) and the
Yearly PP in confluence will create some profittaking and finding
some bids. Another weekly close below the Yearly PP
and a breaching of the Channel Top (to re enter the channel) will be
quite bearish medium term and open up for
a test of the Yearly S1 and 50% fib of the 1,35/1,72 swing
at 1,54-1,5350 area , which will also be in the lower pitchfork band vicinity.
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