CapMoore

Trading Bias for the Week and Month Ahead

FX:GBPUSD   British Pound/U.S. Dollar
33 0 0
On monthly tf price closed between Yearly PP and S1 thus
in the bearish half of the consolidation range and price is
expected to stay within this range in the coming month which
may include a test of the Yearly S1 at 1,5396.
On weekly tf price closed below monthly S2, a strongly
bearish close, suggesting further losses during next week.
On daily tf price closed just below the weekly PP which is
suggesting consolidation during monday with price
moving between Weekly R1 and S1.
RSI is sloping down after retest the trendline previously
broken. A break of the next trendline may indicate downward
continuation.
Overall, price is expected to reach the D level of the ABCD
pattern which is in nice confluence with the Yearly S1 and
the lower band of a long term pitchfork around 1,54 in the
coming month. Note that price broke the 61,8 fib of CD leg
and has come back and tested it from below as resistance,
which adds to chances of a completion of the ABCD pattern .
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