empty
 
 
25.06.2019 06:28 PM
GBP/USD 06.25.2019 - Downward cycle in play

BTC price has tested the strong resistance at the price of 1.2759 and it go rejected. This is for me strong sign that buyers don't have power for any larger upward, which is great for further downside. Watch for selling opportunities on the rallies.

This image is no longer relevant

Green rectangle – multi swing high resistance

Yellow rectangle- Support 1

Purple rectangle – Median channel line projection

Blue lines – Pitchfork downward channel

Red lines – Broken rising wedge

GBP/USD did break rising wedge after the fail test of the important resistance at 1.2759, which caused the GBP to drop. For me, this is strong indication that at least on the short term prospective, we might see downward movement. I placed Pitchfork channel to identify the potential target zone and I found the supports at 1.2533 and main ML according to current down channel at 1.2550. As long as the GBP is trading below the 1.2759, you should watch for selling opportunities. Stochastic and RSI oscillator are showing the bearish divergence, which is another sign of the weakness on the GBP,

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback