GBPUSD Downward Channel April 13, 2017, Thursday
Observation:
Bears are in control.
Price all time low.
Price creates a strong & wide downward channel.
Analysis:
Support @ 1.20 & higher highs and higher lows would show a resistance from the bearish market but price action are too small.
High probability for a consolidation phase if ever a bullish candle appear.
Price would continue to slide down if bulls does not appear on the chart.
Price should make a strong deflection of a support area to make it really a support area because price is at all time low and there is no historical level to support it.
Conclusion:
A great opportunity for a reversal due to price is all time low. A very significant news can be a cause of a reversal but as of now market is still bearish so go for SHORT.
Bears are in control.
Price all time low.
Price creates a strong & wide downward channel.
Analysis:
Support @ 1.20 & higher highs and higher lows would show a resistance from the bearish market but price action are too small.
High probability for a consolidation phase if ever a bullish candle appear.
Price would continue to slide down if bulls does not appear on the chart.
Price should make a strong deflection of a support area to make it really a support area because price is at all time low and there is no historical level to support it.
Conclusion:
A great opportunity for a reversal due to price is all time low. A very significant news can be a cause of a reversal but as of now market is still bearish so go for SHORT.
Comment:
Support area is relevant as price bounce in that area many times and now goes away from it. Need more signal as it may test back or may break it strongly.