GBP/USD: The market is poised to move lower as seen on

Tian Kriek

Analyst


July 16, 2019 07:24 AM

BEARISH

Daily Trading Range:
GBP/USD: The market is poised to move lower as seen on all time frames. The bullish crown on the 2 Hour chart failed and there is a down ABCD swing with the D extension at 1.2400. Even though the Probability is bearish I shall not engage in a sell trade due to the fact that the Daily StochasticRSI is oversold. I'd rather wait for a retracement and sell at a high price permitting that the Daily StochasticRSI is in the Zone

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3700
Resistance 2: 1.4000
Resistance 1: 1.4340
Current Price 1.2425
Support 1: 1.3200
Support 2: 1.3100
Support 3: 1.3000

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?