The GU is currently in a strong down trend.
Over the past week or so the pair has been through a period of consolidation. Consistently testing support at 0.72741 level forming this horizontal support line. While continuing to form lower highers. Forming a descending triangle.
Descending triangles are bearish trend continuation pattern. I expect we will see a...
We can see an ascending triangle forming here on USDGBP.
This formation means that buyers are out performing sellers.
As you can see the buyers keep pushing there lows higher but sellers cant push there highs lower.
You can see my predictions on the chart with the arrow.
I will be getting in on the retest of resistance turned support/the primary line of the...
Simple 12H analysis on the USD Weighted Index (not DXY)
Seems as though we are creating a 1-5 elliott wave, and reacting strongly to the drawn trendline.
I expect the market to form the final wave, completing the elliott pattern, and for the impulse to be exact same size as the first wave, which will then bring us to the marked zone, which is a very key weekly...
Dollar will go down/weaker. I think this because it can't go up as it already went up to the normal high of the dollar and it was already on the top so it will probably will go down... also I just want to try a dollar trade.
usd/gbp seems to create a divergences as well has creating LH's and LL's on the 4hr timeframe.
Waiting for price to create another LH so I can enter short at that moment. The reason I've placed my trade there is because 50 ma holds that level very well so I am hoping that price reaches 50 ma and drops.
I am looking that GBPUSD is on a strong downtrend but it is trying to re-test the highs of the channel. It is making a nice rebound from the lower part of the Bollinger band so if it breaks the channel, we may see a long uptrend.
Let's see, I am adding a SHORT if it fails to break the channel but most likely scenario will be it will go up.
The Fibonacci levels show the depth of the price. It's possible that the dollar can grow. But this is not a reliable idea but a good input if you take a short stop loss. I increased it and I risk it ..