By; Doug Rosen
The GBP/USD begin its day today just below the daily 5 ema. For the past couple weeks this pair has been caught in a range between 1.5570 - 1.5776
On the 4 hour time frame price has been riding the 5 ema down and recently the 5 ema has crossed below the 13, 21 and 55 ema's.
Moving on to the hourly time frame price is approaching the 38.2 fib of the last move downward and the 38.2 fib overlaps with the 144, 233 and 55 ema's. I am expecting that when price reaches the zone around 1.5650 the GBP/USD will drop.
Finally, on the 15 minute time frame price seems to bounce off the 233 ema each time it pokes it and the 144 ema has just crossed below the 233 ema and the 15 minute ema's seem to overlap with the hourly and 4 hour and overlaps with the 38.2 fib. Price opened up today below the daily central pivot point and I am expecting a bearish day for the GBP/USD, however, there will be four news reports that the market for GBP/USD and depending on the results of the reports could have significant effect on the current trend.
