GBP/USD: Since the market broke the down Monthly Red

Tian Kriek

Analyst


November 16, 2018 01:16 AM

BULLISH

Daily Trading Range:
GBP/USD: Since the market broke the down Monthly Red Counter Trend Line to the upside I assume that the market is getting ready to start moving from the C to the D, therefore the Probability is Bullish. The Monthly C-Low is at 1.2660 and in the event that 1.2660 is breached to the downside then the Probability will immediately turn Bearish. On the Daily chart I can see a Double Bottom pattern and I shall look for buy trades once the Double Bottom Neckline is broken to the UPSIDE

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3700
Resistance 2: 1.4000
Resistance 1: 1.4340
Current Price 1.2803
Support 1: 1.3200
Support 2: 1.3100
Support 3: 1.3000

Two Hour Chart

Two Hour Chart