British Pound/USD 4H (10.08.2014) Technical Analysis Training

FX:GBPUSD   British Pound / U.S. Dollar
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GBPUSD             4H Diagram Technical Analysis shows the following:

The GBPUSD             has made a short term decline under the resistance red line. The daily diagram is absolute bearish .

MACD is forcing bearish again under the zero line and RSI is oversold.

We have no special candlestick pattern. The pair is under the KUMO, the Kijun Sen (blue line) and the Tenkan Sen (green line) too.

There is no special pattern. The fib from 1.71648 to 1.70412 shows a 3.618 level of next target @ 1.672.

Short for 1.672 and wait for some consolidations toward to KijunSen there. Stop loss above the resistance line.
Consider the bullish divergence on MACD.
d.vezeris ali.se.18
ok I see your point. Just I prefer to measure bullish divergence, when the asset is on downtrend, connecting its lows and connecting MACD lows too. So I connect Highs on MACD only if the asset is on Uptrend.
ali.se.18 d.vezeris
I understand. Makes sense
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