By: Doug Rosen
The GBP/USD pair on the weekly time frame just as with other pair, has found itself far below the 5 ema.
This also seem to be the case with the daily time frame too.
On the 4 hour time frame price maintains a very bearish look and price continues to coast along the ema's to the downside. The lower Bollinger band is wide open pointing down.
On the hourly time frame same situation, price riding down the ema's and open Bollinger bands.
The 15 minute time frame is a bit more subtle since it is within narrow Bollinger band squeeze, however, price is below the 55 ema and price keeps swing fibbing its way down. Price is below the daily pivot point at 1.5518 just above the weekly S2 at 1.5455 and not far from last month's low at 1.5422 I expect price to continue down to those levels then to bounce up then possible either reverse back up or break below 1.5450 then keep heading down.