GBPUSD: Long term decline analysis
Updated
This is the long term outlook for GBPUSD, we can see that the signal here has been working well, and although I had initially identified it as a quarterly signal, it belongs to a higher timeframe to correctly portray the activity in it according to the 'Time at mode' methodology.
For now, we'd have to wait for this year to end to judge the future shorter term targets to validate the bearish momentum, but we can already keep the target in mind, to flip long after covering any short we have once hit, or if the time expires, or, to identify long term resistance levels to short against on rallies.
The daily chart tells us to wait, and so does the weekly for now, so, I'll keep an eye on it to short rallies, or the confirmation of a lower timeframe 'Time at mode' downtrend signal like the one in related ideas.
Good luck,
Ivan Labrie.
For now, we'd have to wait for this year to end to judge the future shorter term targets to validate the bearish momentum, but we can already keep the target in mind, to flip long after covering any short we have once hit, or if the time expires, or, to identify long term resistance levels to short against on rallies.
The daily chart tells us to wait, and so does the weekly for now, so, I'll keep an eye on it to short rallies, or the confirmation of a lower timeframe 'Time at mode' downtrend signal like the one in related ideas.
Good luck,
Ivan Labrie.
Note
We now resume this decline.
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