We have been watching this GBPusd chart for a very long time.Firstly on a weekly T.F. The chart above is a weekly T.F . If you look at the channels properly you will notice that the price bounced off at 1.55237, even though that price level is a Logical Point Of Retracement. (L.P.R).That point is a very strong support and each time the price gets there it respects it. Why ? it is a point where the Channel and support line are meeting.
At this point we expect that the price will go back to the North. But there is also a resistance level it has to break at 1.58458 price level. So we have to wait till that price level is broken. . If it returns and break that channel and the support line, then the price will move to the red line which is 1.48096 about 450 pips.
But we strongly believe that MR.Market will go back up. Why? Because if we go back to Daily T.F you will see that MACD is already diverting up. Now let's see.
Can you see the Daily T.F. Check the MACD . What does that tell you? That GBPusd may be tired of going down.
Now you decide what you think is about to happen next year. Your guess is as good as mine.
But wait till you hear from the Forex Mechanic Workshop.
This is just for educational purpose only we are not recommending anything for you You should know that Forex is very risky.
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