By: Doug Rosen
The GBP/USD starts out its new week in between the 5 ema and what has been strong visual support around 1.5350 so it will be very interesting to see what happens with this pair.
On the daily timeframe price has been making some higher lows and the daily stochastics is in the oversold zone.
On the 4 hour timeframe price is coming up off the 61.8 fib of the recent swing up but there is a 5, 13 and 21 ema above so price will have a hard time breaking through that level.
On the hourly timeframe price has made a few higher lows but it will need to break 1.5510 and will probably head to around 1.5535 then will run into some fight. If it breaks 1.5535 it will then need to bust the 233 ema at around 1.5560 to keep heading up. Price is in an area of retracement but since this market has been so bearish there are still lots of sellers at every step of the way as price tries to climb up. On the 15 minute timeframe price is above the ema's and trying to head up. If price can break 1.5520 I will feel very confident that this pair will head up.
