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GBPUSD Analysis 11/12/14

FX:GBPUSD   British Pound/U.S. Dollar
243 0 6
Long term trend: Up
Medium term trend: Down
Significant Levels: 1.5590 (Horizontal Support), 1.5920 (Horizontal Resistance), Downtrend Line

As of writing, the price is on the downtrend line. We could see more of the price action later today. You could move to a lower time frame, like the 4 hour chart, to see what's really happening right now though it is also important to see how the current daily candlestick will close. The price is now approaching the confluence area of the downtrend and support line. This makes a Descending Triangle pattern which tells us that the market will go down further. We'll see if the downtrend line will hold and if that happens, and the price stayed below the downtrend line, we could see more of a price decline. If the downtrend line does not hold, we are still bearish here and see how the price will react to the resistance, if only the price will reach that level. For those who trade the trend line , it would be great to look at the 4 hour time frame now and see if the price will reject the trend line and go the other way. For those who are patient enough to wait, it would be worth it to see how today's candlestick will close. Another trade could be the breakout below the support line as the confluence zone is approaching.

Trade well.
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