As we can see on the graph above, GBP/USD
has been sliding without any major correction. Also looking at the RSI
, we can see very clear that this big move has been in one way street. However, buy looking first at the RSI
, I added a trend line
at 2010 low and 2013 low put a extension to see where it will end and we are touching that line right now (red line).
Now looking at the graph, I added 2 trend line
(dotted lines) connecting with important tops. Looking at those 2 lines, we are in a very interesting position.
In my opinion, I think we can see a pullback and probably touch 1.5900 in coming day.
On the other hand, looking the long term graph (monthly), 1.5200 still in the cards!