Eartlier
this week I took a look at the hammer candlestick on the four hour filter chart
that had formed right above the support and predicted that the pair was about
to move to the upside. After a short consolidation it did just that, reaching
the resistance at 1.5700. The pair failed to break above that resistance and
started descending again. The pair is currently testing the support at
1.5470 – 1.5480 and I doubt it will be able to break below that level before the
market closes for the weekend. That said, depending on whether or not GBP/USD
manages to break below the support next week we
can expect a further move to the downside to target 1.5300, or a new move to
the upside to test the resistance at 1.5700.
Interested analysis, thank you.
ReplyDeleteGreat analysis! Thank you for sharing it!
ReplyDeleteGood analysis! Thanks for sharing.
ReplyDeleteLooks like a day of profit taking.
ReplyDeleteYou made very good point.
ReplyDelete