As seems in my chart , GBP this week will entering its sideways trade while continuing its moving up trend .
I placed FIBO 100 in level 1.6223 where two Moving Average trends ( red and blue line ) are crossing over ( point C in my chart ) . Grab the trend moving up ,and placed FIBO 0.0 in a par of upper Bollinger ( point D in my chart ).
FIBO 161.0 are placed in level 1.5995 in a par of 2nd reversal level ( point A 2 in my chart ) . And that makes 1.5995 become a Strong Support level. If this 1.5995 is break , than the bullish structure will change into a deep bearish market.
I’m using 2nd reversal level ( point A2 in my chart ) as starting point to draw my below trend line ( in red color ) with ending point crossed the FIBO 100 level.
For drawing upper trend line , I’m using starting point where Middle Bollinger touch the top of Candle Stick tail ( point B in my chart )
Between this trend lines , I conclude Trading Range will be in area level 1.6380 ( point E in my chart ) – 1.6680 ( point D in my chart )
Trading Range : 1.6380 – 1.6680
Support : 1.6080 , 1.6218
Resistance : 1.6582 , 1.6720
Trend : Potential Up
Target : 1.6582 , 1.6720
Happy Trading !!!
Himawan Wardhana
founder of HIMAWAN FOREX
