GBP This Week by HIMAWAN FOREX
As my last week prediction GBP is really moving down and breaking its 3 weeks Strong Support level 1.6218.
It might be investors are put in a doubt about GBP's trade balance , and predict the trade balance will be stay in – 7 or below. And this prediction push GBP to a bearrish market.
Since theres a significant downfall , in this week we are no more use level 1.6582 as Resistance level and level 1.6218 as Strong Support . A newly parameter is needed. Eventhough level 1.6218 is still might consider as a pshycological level.
I believe in this week GBP is in potential down trend. my Technical Analysis as appear in my chart , theres 2 trend line ( in white line color ) are sharply declined. But still theres rebound posibility as drawn in third trend line ( in white dotted color )
Please watch the “A” label below part of chart. This “A” label indicate a
point of croosingover between two trendlines . This point also stay in level 1.6008 as a par of below Bollinger. Ii this level also I put FIBO 0.0 and consider this level become 2nd Support. So, If 1.6080 is break , than 1.6008 will be next target. I believe this 1.6008 level will be GBP's below trading range in this week.
Trading Range : 1.6008 – 1,6267
Support : 1.6080 , 1.6008
Resistance : 1.6267
Trend : Potential Down
Happy Trading !
HIMAWAN WARDHANA
