TradingView
Rocketman
Mar 8, 2016 12:39 PM

GBPUSD Weekly: Past Support Become Future Resistance 

British Pound/U.S. DollarFXCM

Description

For many hours, I didn't know what to make of GBPUSD. So, I decided to squish the chart together, and that is when I saw resistance. Not only is GBPUSD back in March 2010, but trendline resistance on a daily and 4 hour chart. It is also facing some bearish hidden divergence. Of course, this negativeness could all end on March 9, 2016 if the very catalyst that I am counting on fails to fall in line; that is, UK's Manufacturing Production m/m (gyazo.com/82c69f08953a6a1b7a130521ffed481d).

Not only is UK's PMI Manufacturing down: tradingeconomics.com/united-kingdom/manufacturing-pmi
I am also hoping that tomorrow's industrial production will also NOT be too positive like the last time: tradingeconomics.com/united-kingdom/industrial-production

The chart reflect these fundamentals clearly on a weekly chart. It just needs to start making lower lows on smaller time frames and we are all set. I am not going to guess the top because I am not a hero or a superstar, but if my analysis is right, then I, indeed, will live up to the name "Rocketman"! hahaha!
More