GBP/USD 05.08.2016
D1 chart.
Long term downtrend.
Correction to 23,6 Fibonacci of the last downward movement.
Triangle formation and break below for probable decrease in price.
Technical indicatos:
Price below 200SMA and 50SMA
DeM(14) - neutral territory
CCI(50) - below 0 - negative signal
H4 chart.
Price below resistances.
Technical indicators:
Price below 50 SMA and 200 SMA - negative signal
DeM(14) below 0,3 - negative signal
CCI(50) below 0 - negative signal
Entry after correction around 1,3230
SL: 1.3380
Alternative scenario: closed bar above 50SMA on H4 will negate the negative formation.
Sentiment: Rate cut by BoE yestrday is negative for GBP. Today at 15:30 will be realeased data about NFP from USA which will make market more volatile and give us better places for short positioning.
Jr. Trader Nikolay Georgiev
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