a down week for the Dollar as we are closing in to 61.8 fib region.
There are 2 scenarios that I can see where it will bounce of 61.8 fib region or the demand zone and try to retest the resistance since it tried to break the previous 114.377 with 114.437. if the new week manages to close above 114.40's we will be seeing a new HH
The other scenario is it breaks...
setups on FX:GBPUSD are more likely showing how FX:EURUSD on Monday where it had a good monday and manage to break up the resistance. had the same setup as EU did where it created a new HH before and bounces off 61.8 fib or the demand zone that was exactly at 61.8 fib region. but this time it is only valid if the week closes above 1.30000 and the bias would be long.
im thinking since EURUSD is strong since the past week it is making new HL and HH and capable of breaking the HH and make new HH especially bouncing off 61.8 fib making new HL in the 4h . just my 2 cents but no harm in commenting if im wrong or right.
This is just my 2 cents. It will go back to retest previous support and go back down after. unless it goes down and break previous monthly support. on monthly chart previous years that is the support and yet to be break. COMMENT me if i'm wrong and enlighten me please.