Here I post exactly what I wrote for the weekly chart of my GBPUSD analysis:
"Not only is GBPUSD back in March 2010, but resistance on a daily and 4 hour chart. It is also facing some hidden divergence. Of course, this negativeness could all end on March 9, 2016 if the very catalyst that I am counting on fails to fall in line; that is, UK's Manufacturing Production m/m (https://gyazo.com/82c69f08953a6a1b7a130521ffed481d).
Not only is UK's PMI Manufacturing down: http://www.tradingeconomics.com/united-kingdom/manufacturing-pmi
I am also hoping that tomorrow's industrial production will also NOT be too positive like the last time: http://www.tradingeconomics.com/united-kingdom/industrial-production
The chart reflect these fundamentals clearly on a weekly chart. It just needs to start making lower lows on smaller time frames and we are all set. I am not going to guess the top because I am not a hero or a superstar, but if my analysis is right, then I, indeed, will live up to the name "Rocketman"! hahaha!"
Technical ping pong says that we are still at resistance: https://gyazo.com/06ec40ddedc8a21324ca9a7590f130cc
One thing that comes to mind from other sources is that sterling was, indeed, weak last month. So, now I see, it makes sense that IP this month would be good ( if prices are low for a currency, then that would drive more orders); however, that doesn't change the PMI. It is still bad, so, I think the PMI Manufacturer a stronger sign for the Trade Balance on Friday. I don't throw the IP completely out the window though. This time the experts and I agree that the trade balance will be worse off than before. There is no catalyst driving the GBPUSD higher. It is just that today's catalyst did not drive it lower. This is what I was expecting and it did not happen.
So, I wait again, patiently. Hopefully, the chart can still make that new low I was hoping for. When and if it does....when can load up to start shorting GBPJPY and GBPUSD:
GBPJPY chart on a one hour chart: