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Poundollar

GBP Impulse down corrective ABCWave 4 couldn't break 0.5 Fibonacci retracement which was also the trend line down which is also just below the SMMA 25 close - these are all signals that the completive 5th wave down is soon to come, we are likely to see a test of the 0.618 fib which managed to hold 3 wave but many not be so supportive now. If we see 0.618 hold the ABC corrective may start early, if broken I expect to see minor support a 1.37754 tested (possible bottom of 5 wave) but most probable is finding support at the 0.786 fibonacci zone. ABC corrective after is highly likely working with both minor support lines and fib levels as shown in chart. Good luck! I am literally a salmon, my ideas are not gospel. Trade like you swim with sharks.
by UnknownUnicorn705200
GBP/USD - A 2000 Pip Reversal! *Yellow = 200 EMA | Blue = 100 EMA This photo captures the recent movement of OANDA:GBPUSD on the daily chart. In this movement, we see varying price action, but the most important of which is the upcoming support around 1.199 which is an all-time low . This means that the support is outlined on every major time frame including the monthly, weekly, and daily . However, This support is even more significant because of the signals gathered from chart patterns and indicators: a) In October 2016, January 2017, and March 2017 we saw a triple bottom which sent us flying to upper resistance capturing over 2000 pips. We're approaching the same level and could count this as a larger double bottom which we could rebound off of. b) RSI has held steady at the oversold level RSI(14) around 24. However, while the RSI has held steady from May 2019 to present day, the price has dropped over 400 Pips signaling bullish divergence. c) To reiterate, what makes this particularly enticing, is the fact that this is an all-time low , and support which has been set and respected in the past. It is important to note, however, that movement upwards could very easily be stifled by fundamental decisions; a No-Deal Brexit under Johnson or lower interest rates released in the future by the Federal Reserve under Trump . However, moving forward there are technical signals which could lead us to further bullish price action. 1. Break of minor resistance at the 1.25 - This could be the start of the reversal and a good level to keep in mind when trading this pair. 2. Break of 50 level on RSI(14) - The RSI has been recently suppressed at the 50 level (short term) and has not moved into the overbought territory since the peak in January 2018. Strong movement from the RSI would indicate bullish sentiment bouncing off the support level which would only fuel the move. Trendlines: i) A trendline drawn from the peaks in April 2018 and March 2019 looks like it could move in confluence with minor resistance at the 1.25 level. ii) A trendline drawn from the peaks in July 2014 and April 2018 looks like it could act as resistance (and is in confluence) with resistance at the 0.618 Fib Retracement. This Fib level has acted as a buffer for price action in the past. A Fib Retracement drawn from 1.454 to 1.199 shows that the 0.5 level has acted as STRONG resistance and support and will most likely continue to do so in the future . Ideally, we break through that level, but the movement could be capped or at least slowed until sentiment and action are taken to break through the level. Thank you for reading, and Good Luck Traders!
Long
by olympus_trading