Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- The GBP/USD pair has paused after the sharp decline yesterday, supported at the 1.5750 level.
- So far the market has provided a couple correction swings, the second now extending longer than the first.
- The rally is testing 50% retracement and 50SMA.
- The RSI is going to test 60, and should not sustain a break above that for the bearish scenario to have a strong case.
- Look for topping around the 1.59, 1.5910 area, as there is a cluster of fibonacci retracement (61.8%) and expansion(161.8%).
- A decline that breaks below 1.5830 should the ntest 1.5750. A break below that opens the 1.5350, 1.53 targets.
Will theGBP/USD continue lower after the curreny pullback? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist