Quick look: GBP/USD rising trend line breached

Hourly Chart

GBPUSD H1 (03-08-2016 1831).png

Sterling’s bearish price-RSI divergence followed by a bearish break frm the rising trnd. line has opnd doors for slide to 1.4165 (23.6% Fibo 1.5230-1.3835).

If penetrated, that would be a sign the bulls have lost control, leading to a choppy trading as bears would await to see if the daily closing is below 1.4165

On the higher side, an rebound and a hourly close back above the trend line levels would see shift risk in favor of a break above 1.4248 and rise to 1.4295 (trend line resistance).

A break, though as of now appears unlikely, could translate into a rally to 1.4330 levels.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s