Weekly: Price has still been making higher lowers. The 0.786 fib level has held for 3 weeks. Last weeks candlestick was a doji showing indecision between traders as to where to take the markets.
Daily: Price formed a double bottom at 0.786 fib level. Price retested daily trendline. Price retested a minor level.Price closed above 1.38 psych level with strong bullish momentum.
4 hour: Many previous highs have been taken out.
Overall: Seems as though GBPUSD is ready to reverse and there is a bullish outlook for the week ahead. We can expect price to head towards 1.400 level . In order for price to head towards the fib extension and for price to 'fully reverse' a daily closure above 1.400 level is crucial.
Daily: Price formed a double bottom at 0.786 fib level. Price retested daily trendline. Price retested a minor level.Price closed above 1.38 psych level with strong bullish momentum.
4 hour: Many previous highs have been taken out.
Overall: Seems as though GBPUSD is ready to reverse and there is a bullish outlook for the week ahead. We can expect price to head towards 1.400 level . In order for price to head towards the fib extension and for price to 'fully reverse' a daily closure above 1.400 level is crucial.
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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.