Here are a few variations of graphical representation of trend and range on the Daily timeframe.
It is interesting if we are not trading into a Wedge formation which would actually Bullish implication.
Given the larger Range (marked by the White trend lines) we are trading below the previous Support not turned Resistance around 1.55 level.
...................................................................................
I sold the GBP/USD at 1.5409 with a 1.5466 stop.
Once in position one should be checking if he's not right.
Weekly GBP charts and wonder what is keeping it from falling in the abyss..
previous week's low a 1.5345 is a magnet and all techs point lower - Bollinger Bands are starting to expand and that signals acceleration..
my first target is 1.52, however given previous week's range it is possible if we see acceleration to hit 1.51 - 1.5050 lows..
today we made 2-nd lower low and it logically the 1.5345 low comes in focus.
Weekly GBP charts and wonder what is keeping it from falling in the abyss..
previous week's low a 1.5345 is a magnet and all techs point lower - Bollinger Bands are starting to expand and that signals acceleration..
my first target is 1.52, however given previous week's range it is possible if we see acceleration to hit 1.51 - 1.5050 lows..
today we made 2-nd lower low and it logically the 1.5345 low comes in focus.
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