GBP/USD 5/09/16 ONWARDS
GBP Pushed higher against USD and kissed the strong 1D resistance.
Price formed tweezer tops indicating that the move may run out of momentum and seller will kick in again.
Price is currently within a area of selling pressure.
RSI is showing divergence indicating that the bullish move may reverse.
Possible support zone at 1.3058 -1.3156 (Also around the 200MA)
Concept 1: Price rejects 1D resistance line with a bearish move to support zone, breaking through to bottom support line.
Concept 2: Bearish move to support zone, Bulls kick in and drive price back to resistance, possibly with a break from indicators showing the golden cross (MA 50 > 200)
Personally I don't feel GBP will break the resistance before retracing first. Any bad GBP data this week will start a strong bear move
Price formed tweezer tops indicating that the move may run out of momentum and seller will kick in again.
Price is currently within a area of selling pressure.
RSI is showing divergence indicating that the bullish move may reverse.
Possible support zone at 1.3058 -1.3156 (Also around the 200MA)
Concept 1: Price rejects 1D resistance line with a bearish move to support zone, breaking through to bottom support line.
Concept 2: Bearish move to support zone, Bulls kick in and drive price back to resistance, possibly with a break from indicators showing the golden cross (MA 50 > 200)
Personally I don't feel GBP will break the resistance before retracing first. Any bad GBP data this week will start a strong bear move
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