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Short

GBPUSD: Federal Reserve Jitters? Key Support At Fib .236

FX:GBPUSD   British Pound/U.S. Dollar
49 0 2
This is a three hour chart. If you looked at a daily chart for-GBPUSD you will notice a TRIPLE BOTTOM and a well defined inverse head and shoulders pattern.
The low of the triple bottom was 1.27893 on July 7th. The next low was 1.28654 on August 15th.
The third low is right now, 1.29942 on September 16th.
The negatives on the above chart are many:
1. Many Sell Fractals.
2. Your compass for direction, the alligator, is feeding STRONGLY in a down trend.
3. CHOP is almost BELOW the shaded area. This predicts a STRONG SELLING TREND.
4. CHOP ZONE is red, indicating a downward bias.
5. Prices are trading below the Ichimoku Cloud . This is a sell signal.
6. Prices are below the red Ichimoku Cloud conversion line. This is a sell signal.
7. Prices are below the Ichimoku Cloud baseline. This is a sell signal.
8. The 5/34 MACD (top) has a bearish cross. Histogram within is falling. This is a sell signal.
9. The phase energy (top lower) is steadily falling, and it is still below the zero line. This is a sell signal.
10. The-DMI (top middle) has the dominant direction as down (red line over green), and the black line is rising. This means more strength in SELLING.
11. Ichimoku Cloud has red border.
Positives: none to report.
What to look for:
Key chart support levels: Fibonacci .236, last swing low at 1.28654, bottom-most level of the triple bottom at 1.27893.
As prices approach these levels, look to the indicators listed above for any signs of directional change.
Price action might have to wait for the Federal Reserve meeting next week.
Good luck to you in all your trades. Don.

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