Trading idea for GBPUSD for the week of 21 Aug 2016.
1. Support and resistance Price came off monthly central pivot point and is now at price action support 2. Market 55 EMA above 21 EMA pointing downward indicating a bearish market on the daily timeframe 3. Price 5 and 8 EMAs horisontal indicating overall sideways movement
1. Support and resistance Price failed to break WR1 in the previous week and is currently at price action resistance level 2. Market 21 and 55 EMAs are both horizontal indicating no market bias on H4 timeframe. 21 above 55 as result of previous week's bullish run 3. Price Recent 5, 8 EMA cross in previous week's WR1, WM4 region. 8 above 5 indicating downward price action.
1. Support and resistance Price fell from DM3 on Friday to DM1 and retraced to price action resistance level. Currently in 38.2-50.0 Fib zone. 2. Market 21 and 55 EMAs converging (21 above 55) indicating possible end to previous bullish trend 3. Price 5, 8 cross imminent with 5 currnetly above 8 because of recent retracement.