By: Doug Rosen
The GBP/USD is a mixed bag for me. On the daily timeframe price has been falling all week and has stayed below the ema's but yesterday came down to the 50.0 fib level and bounced. Price could keep rising until it makes contact with the 13 ema then begin to drop again.
On the 4 hour timeframe price is making a 38.2 fib overlapped with the monthly central pivot point at 1.5837 and this is a level I would expect price to take a dive.
On the 1 hour time frame price is heading to the 144 ema that is overlapped with the weekly M1 pivot point at 1.5842 which should add to the confluence I pointed out on the 4 hour timeframe.
Finally, on the 15 minute timeframe price has reached yesterday's high at 1.5812 and bounced down. If price makes its way back up above yesterdays high then I expect it to go straight to 1.5840 region then stop. At that point I will be watching if it bounced down or breaks above and keeps going.
