As we are always trying to improve our strategies, we aim to ensure that we focus less on the indicators and more chart analysis and candlestick patterns. Here we are utilising two of the most common and yet strong filters. Volume analysis and trend line.
GBP has been slowly retracing downward moving through several support lines as indicated by the graph. While making small reversals in its bearish patterns, its volume and hence trust from the public that the price trend will reverse upwards has been slightly muted and that is evident in the last 3 volume sessions.
We therefore conclude that by looking at the last close in the candle stick upon its move upwards, it lacked necessarily volume and hence momentum to further its move upward.
We expect the next floor to appear between 13075 and 12980.
Good Luck
P.S in case In doubt, confirm this using RSI and Elders Force Index as shown on the chart
GBP has been slowly retracing downward moving through several support lines as indicated by the graph. While making small reversals in its bearish patterns, its volume and hence trust from the public that the price trend will reverse upwards has been slightly muted and that is evident in the last 3 volume sessions.
We therefore conclude that by looking at the last close in the candle stick upon its move upwards, it lacked necessarily volume and hence momentum to further its move upward.
We expect the next floor to appear between 13075 and 12980.
Good Luck
P.S in case In doubt, confirm this using RSI and Elders Force Index as shown on the chart