GBPUSD- 31Jan2022
On the weekly, price dropped back below 20EMA and 50MA. On the daily, price did not confirmed below 50MA but Stochastic is currently in oversold condition.
On the H4, price is bouncing back near to the neckline. It could be playing out h&s with downside target of around 1.31260. But for today with RSI forming negative bullish divergence, price could have a dead cat bounce to the neckline resistance at 1.34500 before dropping lower.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the weekly, price dropped back below 20EMA and 50MA. On the daily, price did not confirmed below 50MA but Stochastic is currently in oversold condition.
On the H4, price is bouncing back near to the neckline. It could be playing out h&s with downside target of around 1.31260. But for today with RSI forming negative bullish divergence, price could have a dead cat bounce to the neckline resistance at 1.34500 before dropping lower.
This is for personal record purposes only, not financial advise or solicitation of trade.