GBP/USD TREND REVERSAL ?
interesting situation developing with gbp/usd at the moment, my bias is currently bearish for the following reasons
1) looking at the curve of the blue line under price it clearly shows momentum is slowing down
2) volume analysis is clearly showing regular bearish divergence
3) a somewhat less clear signal but still worth noting is the completion of a 5 wave Elliot pattern often followed by an abc correction pattern
these 3 things combined has me assuming a big move down is coming providing price makes a strong break through the 1.235 level however...
we have uk unemployment data released tomorrow at 7am and uk inflation rate data Wednesday morning aswell so i will wait and see how these reports effect market bias.
1) looking at the curve of the blue line under price it clearly shows momentum is slowing down
2) volume analysis is clearly showing regular bearish divergence
3) a somewhat less clear signal but still worth noting is the completion of a 5 wave Elliot pattern often followed by an abc correction pattern
these 3 things combined has me assuming a big move down is coming providing price makes a strong break through the 1.235 level however...
we have uk unemployment data released tomorrow at 7am and uk inflation rate data Wednesday morning aswell so i will wait and see how these reports effect market bias.
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