GBP/USD 10.08.2016
H4 chart.
Long term downtrend and med term choppy.
Price below diagonal and horizontal resistances.
Price action: pin bar at levels of resistance and a lower bottom after it.
Technical indicators:
CCI(50) below 0 - negative signal
DeM(14) reverses downwards below 0,5 for probable decrease
Price below moving averages SMA50 and SMA200 - negative signal
SL: 1.3140
Alternative scenario: If price goes above the resistances this will negate the bearish scenario.
Jr. Trader Nikolay Georgiev
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