GBPUSD Forecast and Trade Setup for the week ending 15th August, 2014

GBPUSD Forecast and Trade Setup for the week ending 15th August, 2014

Weekly Chart

• Trading Below the Kijun-sen after rejecting from weekly resistance zone

• Clouds indicating a bullish forecast still

Daily Chart

• Broke Clouds and Bearish Cloud outlook 
• RSI is trading below 50 
• Stochastic is in oversold and still pointing south

• We are approaching support and fib levels, however my bias is that it could not hold, due to the very strong momentum 
• We also broke the wedge trendline

• Bullish Cypher pattern is identified (PRZ Zone could be wider than usual)
• At fib 78.6 and 127.6
• 200SMA (not shown on chart)
• Ascending Trendline as shown on the chart previous

Outlook Trade opportunity

Note We have Wednesdays Carney's speech and Fridays GDP from the UK,

At this stage, only interested in taking short positions from resistance however, some minor retrace is anticipated early in the week. Only till when price reaches my PRZ / BUY zone that i shall look for signals to go long

Risk Level .... n/a

Tips -

Always take note of any economical news event on our provided calender below