GBPUSD potential bearish scenario?
What we can see above is GBPUSD on the Daily, and just want to give an overall outlook on the pair.
The 21st of Dec which is the winter solstice date indicated by the red vertical line shows how the market turned around and moved to the upside.
We can see we have been trading in a downtrending channel, and we are near a key line which was once a strong support and could be a pivot point as a resistance now.
The fib from the last impulse down also puts us in our deep retracement optimal zone.
The larger 200 MA and 320 EMA can be seen that i do use sometimes to simply see if we are in a bullish or bearish environment, in this case we have switched below them and retesting them atm.
The TSI indicator shows an overbought market, which also looks like it is about to cross over for sells.
The 21st of Dec which is the winter solstice date indicated by the red vertical line shows how the market turned around and moved to the upside.
We can see we have been trading in a downtrending channel, and we are near a key line which was once a strong support and could be a pivot point as a resistance now.
The fib from the last impulse down also puts us in our deep retracement optimal zone.
The larger 200 MA and 320 EMA can be seen that i do use sometimes to simply see if we are in a bullish or bearish environment, in this case we have switched below them and retesting them atm.
The TSI indicator shows an overbought market, which also looks like it is about to cross over for sells.
