To see GBP/USD
not able to close above 1.7200 was very negative from investors point of view. 1.7000/7300 zone is a very strong resistance zone
which we can see very clear in this graph. When the second candle (july 2014) was not able to close above this zone but instead closed with a bearish pattern
, everyone started to sell hard and now we are at 1.58 zone.
Therefore, we are also bellow trend line
now which everyone was calling the upper line of a triangle. I expect in a longer-term to GBP/USD
to reach at 1.5000 by looking this graph. However, first I expect a correction up to 1.6300 and this can be a very good opportunity to sell.
Also, lets keep in mind that we might be also in a 4 wave.