GBP/USD: The monthly chart is still in a down Fibonacci

Tian Kriek

Analyst


March 27, 2020 08:58 AM

BULLISH

Daily Trading Range:
GBP/USD: The monthly chart is still in a down Fibonacci ABCD swing with the D extension at 0.9238 suggesting that the Cable will weaken substanstially to the Greenback over time. The Weekl Fibs are also in a Down ABCD swing. There is a new Down Fibonacci AB Boundary on the Daily chart and price is currently retracing inside this new down AB Boundary. I am waiting for price to retrace to the Daily .382 at 1.2125 and then as soon as a counter trend line is broken then I shall deploy my trading strategies on lower time frames in a Bearish capacity. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-workspaces-27-mar/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3250
Resistance 2: 1.3500
Resistance 1: 1.4000
Current Price 1.2256
Support 1: 1.2900
Support 2: 1.2500
Support 3: 1.2000

Two Hour Chart

Two Hour Chart
10 Keys to Successful Forex Trading