Alexkly
Short

GBPUSD Time for a pullback?

OANDA:GBPUSD   British Pound / U.S. Dollar
After reaching a new high after 2017 bullish year, we seem to have slowed down our momentum at the 1.42 level. On a 4H time frame we had a test and a bounce off of the MA. But if you notice after the bounce price created a doji candle, sometimes seen as a reversal indicator. My opinion of a short can be based on further inspection of the 1H time frame. Where a Fibonacci can help us arrive at a better conclusion. Notice there is a slower momentum in the bullish move in the circle indicated near the 50% level. Also Near our small downward trend line as well. I would like to see it further test and perhaps some consolidation around the 50% and if breached to the upside along with the trend line we might see another rally. However, it doesn't seem likely. Therefore this area could be a good entry for a further move down towards our Support level @ 1.39277.
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