Now that the dust has settled post BOE/NFP, the GBPUSD is ready to bounce after heavy selling over the last few weeks. Daily RSI and Stochastics are both sloping up now, with Stochastics rising from an oversold level. The daily MACD blue line is trying to bottom, with the MACD histogram becoming less negative. The next key target will be just short of 1.6 where I've drawn a horizontal resistance line, which happens to also be where the GBPUSD will likely bump into the downtrend resistance line. The monthly chart is still bearish, although the weekly chart has been showing bottoming efforts now for a few months.
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Feel free to visit stks.co/g1HFq for today's technical analysis on $CT_F, $USDJPY, $EURUSD, $GBPUSD, $VIX_F, $ES_F, $NQ_F, $AUDUSD, $DX_F, $NG_F, $CL_F.
Website: tradablepatterns.com
FB: facebook.com/tradablepatterns
Stocktwits: stocktwits.com/TradablePatterns
Twitter: twitter.com/chu_darren
Linkedin: www.linkedin.com/in/darrenchu
YouTube: www.youtube.com/chan...1YG-qzDMWg6hzYd8D8kw
Google+: google.com/+Tradablepatternscom
Email: info@tradablepatterns.com