GBPUSD chart 28 July: time to some retracement?

I pointed before the up channel on 4h & reposting the chart. Notice on daily we are testing 50% fib for last move from 1.7041 to 1.4234. On hourly you can see we have a nice ABCD pattern with AB= CD. Higher we have 1.58 resistance area & 1.5987 61.8% fib. Also we had 4 up daily candle, usually we don't exceed that number & move to consolidation before resuming the trend.

Charts below daily, 4h , 1h with comments. Your comments too are welcome & you can always reach me on twitter @fx_13.

(Please click on the forex chart thumbnail to enlarge)


3 comments:

fxretracer said...

I agree about the 4 day cycle, we should get a retrace soon.

FX 13 said...

Yep I noticed cycles are very important on many time frames. Eurusd too seem having a maximum 6 day moves same direction in extreme trends and usually 3-4 days same direction. Also all the other stuff fib / support offering more support for a retracement move.

tweetertrades said...

yeah all valid points for a Top ~ Especially now we have come of the 50% basically to the pip today ~ From a R/R stand point you certainly would not be longing it that,s for sure !

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