This week, we predicted that GBPUSD will move it’s descend down. It went according to our forecast before finding strong support at the 1.37500 level. There are now two areas of value to the upside for exploitation by the institutions. We expect price to liquidate stops placed at those levels before going back down to fulfil the bear case we continue the long term up wave.
BULL CASE:
The two areas of interest is at the 1.39 levels and the 1.40 level. However, the price is capped by the 1.4000 level on the upside and should find resistance and fall back down before it can continue the bear case.
BULL CASE:
The two areas of interest is at the 1.39 levels and the 1.40 level. However, the price is capped by the 1.4000 level on the upside and should find resistance and fall back down before it can continue the bear case.