GBP/USD Mnthly/Wkly/Daily Analysis: Mnthly/Wkly will be attached
The current movement of this pair would suggestion a continuation in the downward direction, coming extremely close to the pairs historical bottom (1.35000). If this level breaks i'm not too sure as to where it will stop. At this point I believe the fundamentals will play a bigger part in predicting or suggesting a new bottom. Britain's decision to either stay or leave the EU will be a big mover.
Monthly/Weekly Analysis ( I will attach the monthly chart)
With a break of the WeeklyTrendLine we can look towards a push up to our current level of weekly resistance (1.46194) sitting just above the 0.236fib level (1.46060).
On a break of the 0.236fib level the pair will be looking bullish with a confirmation being a break of the MonthlyTrendLine. With that break the pair will be looking to push just past the 0.5fib level (1.54831) to about (1.55739). If we don't get that initial break of the WeeklyTrendLine then look for the pair to continue to follow the trend down towards the MonthlyBottom (1.34983)
Daily/4HR
A break of the DailytrendLine is what im looking for atm, following the WeeklyDownTrendLine with confirmation being a break of the DailyTrendLine. Looking at the pair's current push upwards toward the WeeklyTrendLine if this push continues then bearish confirmation would be a bounce off the WeeklyTrendline continuing the downtrend pattern.
Entry: (Monthly/Weekly) Break of the WeeklyTrendLine around (1.42000 - 1.42500)
Exit : (Monthly/Weekly) 0.236fib level (1.46060) to weekly resistance (1.46194)
Risk: (Monthly/Weekly) A return to the daily level sitting on (1.40702)
Entry: (Daily/4hr) Bounce off the WeeklyTrendLine around (1.42000 - 1.41800)
Exit : (Daily/4hr) First exit at DailyLevel3 (1.38993), following strong movement second exit is MonthlyBottom (1.34983)
Risk (Daily/4hr) Push up to the (1.4300) mark, where a previous bullish shooting star candle was made followed by a bearish engulfing candle.
I will attach the monthly/weekly chart with the risk/reward and fib levels visible.
Monthly/Weekly Analysis ( I will attach the monthly chart)
With a break of the WeeklyTrendLine we can look towards a push up to our current level of weekly resistance (1.46194) sitting just above the 0.236fib level (1.46060).
On a break of the 0.236fib level the pair will be looking bullish with a confirmation being a break of the MonthlyTrendLine. With that break the pair will be looking to push just past the 0.5fib level (1.54831) to about (1.55739). If we don't get that initial break of the WeeklyTrendLine then look for the pair to continue to follow the trend down towards the MonthlyBottom (1.34983)
Daily/4HR
A break of the DailytrendLine is what im looking for atm, following the WeeklyDownTrendLine with confirmation being a break of the DailyTrendLine. Looking at the pair's current push upwards toward the WeeklyTrendLine if this push continues then bearish confirmation would be a bounce off the WeeklyTrendline continuing the downtrend pattern.
Entry: (Monthly/Weekly) Break of the WeeklyTrendLine around (1.42000 - 1.42500)
Exit : (Monthly/Weekly) 0.236fib level (1.46060) to weekly resistance (1.46194)
Risk: (Monthly/Weekly) A return to the daily level sitting on (1.40702)
Entry: (Daily/4hr) Bounce off the WeeklyTrendLine around (1.42000 - 1.41800)
Exit : (Daily/4hr) First exit at DailyLevel3 (1.38993), following strong movement second exit is MonthlyBottom (1.34983)
Risk (Daily/4hr) Push up to the (1.4300) mark, where a previous bullish shooting star candle was made followed by a bearish engulfing candle.
I will attach the monthly/weekly chart with the risk/reward and fib levels visible.
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