'Morning all.
We're looking at another set-up forming on our GU chart.
GBPUSD H4 Setting Up Short
- Screenshot 2019-02-14 at 07.27.31 - Edited.png (57.02 KiB) Viewed 310 times
Wide View
- Screenshot 2019-02-14 at 07.30.51 - Edited.png (63.8 KiB) Viewed 310 times
As you can see, we have a meeting of lines-in-the-sand, with price approaching the ma, the micro 23.6 and all taking place under the cloud.
Now, things to consider. This move has been going on for some time now. Are we due a turn? I am a little concerned by the fact that the last low mark was in fact a higher low.
We
are below the pivot but today's pivot is
above yesterday's.
28937 would be a nice pull back level but whether that's just too far, we will have to wait and see. If we
did get there, that at least would give us a reasonable amount of room to give us some pips in the bag on even a smaller drop before any possible turn back - if that's indeed what is going to happen.
The
major piece of info I am taking on board, is that on the
Weekly Chart, although price
is dropping, we are now bouncing on the 50 level. L-MACD is looking like a strengthening Short signal, with the U-MACD
just flipping from Long to Short. That alone suggests a waiting game for the long term outlook at least.
Oh and to top it off - there is a cluster of red news due for the Greenback just after the US Open.
