Tuesday 3 May 2016

GBP/USD Will Likely Continue Falling




GBP/USD reached the resistance at 1.4770 and bounced off that level, forming an excellent shooting star candlestick on the four-hour time-frame, which was a clear indication that a move to the downside was imminent, then it began dropping and fell with 200 pips in the last day, breaking below the support at 1.4630. What is more, the pair is currently testing the support at 1.4550 and it will very likely succeed in breaking below that level as well. Should that happen there will likely be a further drop to 1.4460, which is (MA)89 on the four-hour time-frame, or 1.4440, which is the same indicator but on the daily time-frame.

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