GBPUSD - SHORT TO INTERMIDIATE TERM BEARISH by DanV on TradingView.com
18 February 2015
In my previous longer term chart of GBPUSD the low I anticipated did not materialise at the level noted on the chart and the prevailing bearish trend continue to recent low.
From the move up from that low , it is nor very clear if that final low has been formed or we will retest that low to form longer term low.
However, in the short to intermediate term there is potential short trade in the making for the following reasons:
1. We appear to have moved of the low in abc zizag with wave c being in the form of rising wedge (ending diagonal which is terminal meaning that particular cycle would end) that could complete around 1.5450 - 70
2. With accompanied RSI divergence.
3. Fib confluence with the topping zone.
4. DXY still need a final equivalent leg to the upside to complete its bullish cycle.
Even if the final low in GBPUSD is in for bearish cycle we could still retrace to 1.52 zone before continuing to the upside.
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
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