By: Doug Rosen
The GBP/USD starts out the new day just below the daily 5 ema and price has been riding down the 5 ema almost daily I see this pair as nothing but bearish.
On the 4 hour time frame price has broken out of its channel but this was mostly a weekend gap and price has already filled the gap and looks like it could head up but the 4 hour 21 ema stands in the way and is overlapped with the monthly S1 pivot that could play out as resistance. Price gap already respected the 4 hour 21 ema twice today so I think there is a chance price may make its way back down into its channel.
On the hourly time frame price is just below the 55 ema and the weekly central pivot is at 1.5556 with the 144 ema not to much higher above.
On the 15 minute time frame price is just below the 233 ema at 1.5505 and I expect if price reaches that area there will be a fight and if price breaks 1.5517 I expect that it will go up until 1.5523 then bounce down and possible make a fib and head back up. I guess we will just have to see how the 4 hour 21 ema holds price down or is overcome by price action.