GBPUSD Weekly: Past Support Become Future Resistance
For many hours, I didn't know what to make of GBPUSD. So, I decided to squish the chart together, and that is when I saw resistance. Not only is GBPUSD back in March 2010, but trendline resistance on a daily and 4 hour chart. It is also facing some bearish hidden divergence. Of course, this negativeness could all end on March 9, 2016 if the very catalyst that I am counting on fails to fall in line; that is, UK's Manufacturing Production m/m (gyazo.com/82c69f08953a6a1b7a130521ffed481d).
Not only is UK's PMI Manufacturing down: tradingeconomics.com/united-kingdom/manufacturing-pmi
I am also hoping that tomorrow's industrial production will also NOT be too positive like the last time: tradingeconomics.com/united-kingdom/industrial-production
The chart reflect these fundamentals clearly on a weekly chart. It just needs to start making lower lows on smaller time frames and we are all set. I am not going to guess the top because I am not a hero or a superstar, but if my analysis is right, then I, indeed, will live up to the name "Rocketman"! hahaha!
Not only is UK's PMI Manufacturing down: tradingeconomics.com/united-kingdom/manufacturing-pmi
I am also hoping that tomorrow's industrial production will also NOT be too positive like the last time: tradingeconomics.com/united-kingdom/industrial-production
The chart reflect these fundamentals clearly on a weekly chart. It just needs to start making lower lows on smaller time frames and we are all set. I am not going to guess the top because I am not a hero or a superstar, but if my analysis is right, then I, indeed, will live up to the name "Rocketman"! hahaha!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.