GBPUSD also started a bearish phase (unfortunately I closed the trade too soon).
There could be two different scenarios:
- In the first case the price, that has already rebounded on the support, goes to break the bearish trendline, confirms the bullish divergence and could go up to reach the target of 1.2723.
- In the second case the price could go down to reach the long-term trendline and then go up to the same target.
Considering the correlations with the other currency pairs I would give more value to the second theory.
Anyway I will wait for a confirmation with the NFP's on Friday.
Cheers,
Andrea
There could be two different scenarios:
- In the first case the price, that has already rebounded on the support, goes to break the bearish trendline, confirms the bullish divergence and could go up to reach the target of 1.2723.
- In the second case the price could go down to reach the long-term trendline and then go up to the same target.
Considering the correlations with the other currency pairs I would give more value to the second theory.
Anyway I will wait for a confirmation with the NFP's on Friday.
Cheers,
Andrea
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