GBPUSD, daily candle analysis
Just checking out all the daily candlesticks after my trading today and saw interesting price action on GBPUSD pair. It appears that a few days ago price has made a quadruple bottom near 1.9370 and has moved modestly up from there. Today was a nice move up and tested the daily 50ema before consolidating. Also price nearly tested a trendline down from the peak at 2.0380 from mid March. Looks like if price can climb back above the daily 50ema and that trendline, there can be enough momentum to reach the monthly pivot at 1.9841, then the 200ema, then possibly on to the next down trendline that hovers near 1.9950 area. This trendline is very significant as it is the one that connects the all time high at 2.1100 set in November. This is a good 300-400 pips away but I have marked all of these levels on my charts so that when I drill down to the smaller time frames to intraday trade, I will not forget they are there. We shall see if USD can weaken again enough for these levels to be hit. Good trading.