GBP-USD Daily and Trend Analysis
It took decades for sterling to drop below the 1.4000 price mark well it looks like it may take another decade for it to break above that.
The daily chart on the cable looks quite bullish for the past few days however the H4 begs to disagree seeing a closeup on the trend reversals, the UKs economy on the other hand
GBPNZD looks like its about to reverse into a downwards trend. It tested the moving averages with a nice potential rejection heading south. A reasonable risk to reward ratio was placed taking into consideration that there is room for a third retest.
GA Short , crossing into an area of massive selling pressure and resistance should see a nice push to the downside. Could turn into swing trade if held long enough. Also previous bullish momentum failed to test previous areas rejecting off our fib levels marked out, Everything is lining up perfectly however be cautious if it breaks/ closes above the key level...
Price is testing my daily support as of now, waiting to see if there is more bearish movement.
I have a *weekly* Descending channel plotted as well and price is just over the resistance line, with that i'm waiting for two things only..
1.) Price to break my daily support and keep falling to my weekly support
I feel the inability for GBPUSD to break through the 1.315 level means it looks fairly exhausted and i'm expecting a drop in the coming weeks to 1.2760 or thereabouts. If it wasn't for the USD being tragically weak at the moment i believe this would happen sooner rather than later. The UK economy is officially doomed for now, the US not so far behind. Lets see how...
(1) Big Daily Bat
(2) Daily Structure if price goes higher we can aim for the Big Bat
(3) Cypher pattern at market
(4) Bat pattern at already a little lower than market
(5) RSI Divergence
(STOP) had to be little lower than 1.13 to get a 1:1 , stops are hug also with 200+ pips
(T1) can aim for the 382 , with 136 even
(T2) can aim for the 618 , with possible 134...