The question is, what follows next?
Considering the way it dropped from 1.4430 to 1.4100 without making any significant retracement and considering the way the weekly and the monthly time-frames look like, the most probable scenario is that it will either form a new historical low, or at the very least it will continue dropping and test the support at 1.3835.
We shouldn’t forget that the pair has reached the support coinciding with the middle line of Bollinger bands, which usually attracts the price like a magnet, especially when it comes to longer time-frames like the daily one.
In my opinion it will break below the support, but how long it will take to do that remains to be seen.
Well done!
ReplyDeleteCongratulations for your accurate predictions.
I agree with your opinion.
ReplyDeleteThe pair will likely reach 1.4000.
ReplyDeleteThe GBPUSD reversed rapidly to the upside, amazing rally.
ReplyDeleteLooks like a potential inverted head and shoulders pattern.
ReplyDeleteInformative article
ReplyDeleteGreat post!
ReplyDeleteI agree with the analysis
ReplyDelete