GBP/USD is currently heading down to test intermendiate
support at the 1.3350 level. Should price find enough
support here, then we might see price rally up to the 1.3412
level per the AB=CD pattern.
If you look on the daily time frame, you will notice that
the Stochastic Oscillator (settings 14,3,3) is slowly starting to
creep up from below oversold conditions, a sign that next
week will see a bullish correction finally. Also on the daily
time frame, an inverted hammer was formed, thus further
evidence of a pending bullish retracement to commence.
For now we must remain patient and see how price action
unfolds, and be careful with short trades. Only short with
a close below 1.3305.
Happy trading
support at the 1.3350 level. Should price find enough
support here, then we might see price rally up to the 1.3412
level per the AB=CD pattern.
If you look on the daily time frame, you will notice that
the Stochastic Oscillator (settings 14,3,3) is slowly starting to
creep up from below oversold conditions, a sign that next
week will see a bullish correction finally. Also on the daily
time frame, an inverted hammer was formed, thus further
evidence of a pending bullish retracement to commence.
For now we must remain patient and see how price action
unfolds, and be careful with short trades. Only short with
a close below 1.3305.
Happy trading