In my assessment of GBPUSD I paint quite a gloomy picture for GBP BULLS and with GBP/JPY sitting on top of the critical 200 sma on the daily time frame, this pair is poised to either sink or swim.
The RSI is BEARISH as is the TDI on H4 but the D1 TDI is more mixed as we have a squeeze and its unclear which way we are going to break. Should the RSI line head for...
For some time the price of GBPJPY has hugged the 200 sma on the DTF. Yesterday saw another touch of the 200 and the price immediately headed north though price declined throughout the day. As long as this pair remain above the 200 we should see a move higher. Adding to this BULLISH analysis is the RSI which has turned north from lower levels.
I'm watching the TDI...
Expecting the 200EMA to cross under the 50EMA line over the next couple of hours on this timeframe. Once the 2 lines cross will confirm a reversal and bullish trend, at which point start looking for good entry points.
i want to wish you a nice weekend by offering you these two harmonic patterns (one is almost complete) on GBPJPY.
Stops below X, targets at 382 and 618 retracement of AD leg.
If you want to ask questions, feel free to write them below.
Otherwise, see you in the next chart!