It is clearly seen GBP are trying to break my Resistance level 1.6582 . Look at to the chart and watch highest GBP’s position in :
-June 2 closing at 1.6582
-June 11 closing at 1.6572
-June 29 closing at 1.6556
where GBP almost touch or close with 1.6582 level.
Mean while we can see at the bottom of the chart , GBP has 2 times huge reversal from its bottom level already ;
-June 5 closing at 1.5985
-July 8 closing at 1.6056
It is strongly assumed GBP will try to make a rally to break 1.6582 level .There are two possibilities can predict for next week . First possibility ; GBP will looking for its 3rd huge reversal and than jump beyond 1.6582 , and after than entering its new sideways range upper 1.6582 level. Second possibility ; GBP continue its moving up trend toward 1.6582 , breaking it , and than entering its new sideways range upper 1.6582 level
I placed FIBO 100 in level 1.6223 where two Moving Average trends ( red and blue line ) are crossing over . Grab the trend moving up ,and placed FIBO 0.0 in a par of upper Bollinger.
FIBO 161.0 are placed in level 1.5995 a par of 2nd reversal level. And that makes 1.5995 become a Strong Support level.
I’m using 2nd reversal level as starting point to draw my below trend line ( in red color ) with ending point hit the FIBO 100 level.
For drawing upper trend line , I’m using starting point where Middle Bollinger touch the top of Candle Stick tail
Trading Range : 1.5995 – 1.6389 and moving up to 1.6223 – 1.6720
as seems in trend line ( red color )
Support : 1.5995, 1.6075 , 1.6218
Resistance : 1.6480, 1.6582, 1.6720
Trend : Potential Up
Target : 1.6582 , 1.6720
Happy Trading !!
HIMAWAN WARDHANA
