The pair is trading within a 2 year 1M Bearish Megaphone pattern that is currently testing its Lower High trend line (hence the neutral RSI = 48.838, ADX = 27.266, Highs/Lows = 0.0000). What's really interesting is the fact that this pattern is symmetrical to the 2016/2017 rise. Based on that if the price rebounds now above 1.7200, there are high chances to break...
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (1.6908). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPSGD is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support....
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (1.6908). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPSGD is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support....
GBPSGD - 2a - 190115 - SHORT - OANDA - AT - 12H - (RRR 3.66)
The pair is falling within a low pace 1D Channel Down (RSI = 42.443, MACD = -0.005, Highs/Lows = 0). TP = 1.77326 and 1.76614 (with the latter the 1W support). 1.73888 can be pursued only if the SL is on profit margin as it is a multi year support.
I expect price to close below the moving average for the month of September. I'll be looking for bear signals on the daily time frame. Entries will have a stop loss but no take profit targets. Trades will be closed when monthly candle finishes painting.
GBPSGD is in lowest prices in year, but price action still suggests there's still a wave 5 down, which will give us a higher (wave3-to-wave5 vs RSI) divergence to signal the reversal.