GBPUSD Breaks 50% Fib
Two things to note here:
1.) Yesterday price broke the 50% Fib line based on this year's high and low.
2.) Also broke a head and shoulders neckline
Would like to see a full trading range break below this neckline and 50% mark today to confirm a short signal. If this does happen I will be targeting the 0.618 area initially.
The indicators are also converging in the same direction as the downward blue trend lines.
Lastly for all you Hawks out there this trend could tie in nicely with the Fed's December rate hike, if they were to raise the rate, we could see price hit 1.50 and lower.
1.) Yesterday price broke the 50% Fib line based on this year's high and low.
2.) Also broke a head and shoulders neckline
Would like to see a full trading range break below this neckline and 50% mark today to confirm a short signal. If this does happen I will be targeting the 0.618 area initially.
The indicators are also converging in the same direction as the downward blue trend lines.
Lastly for all you Hawks out there this trend could tie in nicely with the Fed's December rate hike, if they were to raise the rate, we could see price hit 1.50 and lower.
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