By: Doug Rosen
The GBP/USD starts out its new weekly candle precisely at the 5 ema and has tanked since then.
On the daily time frame around the time the weekly candle was touching the 5 ema the daily candle was up against the 13 ema so both time frames helped out each other.
On the 4 hour time frame price is heading down to support at around 1.5587 where I would expect some buying pressure so if price breaks below that level I will be watching for a pullback then continuation to the downside.
On the hourly time frame price is right up on top of support at 1.5605 so either a bounce up or a break below could determine the direction for today's session.
Finally, on the 15 minute time frame price is riding the ema's to the downside and below the daily central pivot at 1.5660 and heading down towards the daily S1 where I would expect either bounces back up or a break and retest below.