Pip_Alchemist
Short

Cable will continue its downtrend !!

FX:GBPUSD   Pound Sterling/U.S. Dollar
I am pretty much convinced after yesterdays 17th Dec             2014 Bearish day candle engulfing (Marubuzo candle) the range that GBP/USD             has been consolidating in since 14th November and that cable has continued its downtrend.

Based on ABCD Fib extension there is more downside to be seen. Price should continue testing the outer trend line creating Lower Highs. Price has had some strong pressure to the upside due to the Demand zone highlighted in GREEN. This is where institutions have placed long orders due to the cheap Sterling-USD. The first Demand Zone was created in August 2013 where price rallied-drop-rallied creating a strong DZ.

The second Demand Zone is where my Fib D extension target is. I am expecting price to hit 1.5260
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out