By: Doug Rosen
As we determined when looking at the EUR/GBP pair the GBP appears to be the stronger currency. On the weekly chart I see what does appear to be price bouncing off what does appear to be a double bottom off of support. On the daily chart it looks to me like price wants to make a fib. The daily 5 ema is rolling over to the upside and stochastics is crossing up out of the oversold zone. Price has made its way back above the monthly S3 Pivot Point is above the weekly central pivot point and has broken above yesterdays high. Looking at the 4 hour chart price is riding the 5 ema upward and price has finally breached a descending trend line that has not been breached even once. Price has also broken the 61.8 fib of the recent swing down. The upper Bollinger band is also opening and pointing up.
On the hourly chart we continue to ride the 5 ema up making higher highs and higher lows and have already busted the 144 ema.
Moving over to the 15 minute chart we are riding ema's up and the upper Bollinger band appears to be opening up. I see absolutely no reason to be bearish on this bear tonight and I would just look for reasons to enter longs off of dynamic support such as ema's overlapped with fibs and trend lines.
