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GBPUSD opened the week below
consolidation flag started last week, and below 1.8160 weekly
support.. Downside continuation is favoured, but oversold
oscillators may bring buying attempts. however, today is a
holiday and US markets are closed. It may limit volatility.
To the downside,
the 1-Hour chart shows Pound
is consolidate in a small channel, witch is a continuation
pattern. The 1.7980 - 1.8005 support zone is the
intraday support to monitor. A break below support will send
price to 23.6% fib. projection at 1.7810 initially, then
1.7680 daily support, where profit may be taken.
To the upside,
if a rebound on support zone is seen, consolidation may extend
towards first resistance zone at 1.8070/90, running towards
23.6% fib. retracement and bollinger bands at 1.8100/20.
However, only a break above this
reisistance zone will let price correct towards main broken
triangle at 1.8170, where a rejection is
expected.
Indicator's Status
:
- Slow MACD crossed positive but
remain below 0 : Bias remain neutral to negative. Spikied
counter-trend moves may be seen.
- Fast stochastic still in a
negative cycle, and approach neutral zone while price stays in
the consolidation pattern. Bias remain neutral to negative.
Waiting for negative cross.
- Both RSI and W%R in sell-mode.
Bias remain negative. Monitor overbought
status. | 
