By: Doug Rosen
On the daily time frame the GBP/USD continues to drop, however, it appears price is bouncing off the lower Bollinger band and heading up a bit I think just to tap the 5 ema so it can keep heading down. In any case, at 1.5350 I do expect to see bullish reactions.
On the 4 hour time frame price has already retraced back up to the 13 ema which has also made a swing fib. Price can now start to fall again from where it currently is or it can drop down and hit 1.5420 which is last month's low and start heading up once again.
On the hourly time frame price is heading up to the 55 ema also overlapped with the weekly M1 pivot at 1.5508 so price can at anytime start heading back down.
Finally, on the 15 minute time frame price is nearing the 233 ema also overlapped with a daily M3 pivot at 1.5498 I can imagine price beginning to continue dropping around 1.5500
