GBPUSD Short, but beware monthly support
Monthly chart has just started with a bearish future cloud.
We are headed down to monthly support (A) that was tested numerous times, 6 times between 2000 and 2002, 2 times in 2010.
For 2001 the support level was resistance, which is also significant.
Daily chart is bearish and has just broken fractal support at 1.47379 (B). Expect price to come back to test previous support. This will also bring it back to the Kijun Sen, which will then bring price action closer to equilibrium.
On the 4H chart, there is a wick at the 4 hour Fractal (C) with a subsequent bullish candle, which suggests some support. RSI is oversold.
I expect price to come back and test resistance at (D), which was the Daily fractal level.
I think ultimately price will test the monthly support and then we will see where it goes.
We are headed down to monthly support (A) that was tested numerous times, 6 times between 2000 and 2002, 2 times in 2010.
For 2001 the support level was resistance, which is also significant.
Daily chart is bearish and has just broken fractal support at 1.47379 (B). Expect price to come back to test previous support. This will also bring it back to the Kijun Sen, which will then bring price action closer to equilibrium.
On the 4H chart, there is a wick at the 4 hour Fractal (C) with a subsequent bullish candle, which suggests some support. RSI is oversold.
I expect price to come back and test resistance at (D), which was the Daily fractal level.
I think ultimately price will test the monthly support and then we will see where it goes.
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