The pair has recently broke through 3 areas of support on multiple time frames. Bullish candle formations have recently appeared weakening possible resistance. Candle formations as conformations apply to all trade potentials on different time frames. Shorter time frames offer more potential false trends than larger time frames IMO
Sort term correction of the downtrend may occur.
We are watching 3 areas of trend line support and resistance. 1 A bullish formation above of the current down trend line shortly after this weeks opening targeting the upper support/ resistance . 2 A bearish formation bellow the current inside/up trend line, targeting the lower support/resistance and/ or the outer/up trend line? *probable outcome based on...
Watching this pair for potential scalping and wave points of interest.
6-12 month outlook is still bullish. The recent downtrend/correction may reverse at the current support/ trend line.
Idea is based on Tech analysis ahead of Thursday GBP and Friday USD fundamental reporting announcements.