GBPUSD - Monthly - 30/12/18
Starting from the Monthly trend, which has been bearish since May 2014, you can see we've been making lower lows and lower highs.
In April 2017 we saw a breakout from 6 months worth of consolidation, coming back to retest the zone in June before making its' way higher forming a lower high at the 50EMA. Was this a correction or the start of a new trend? Could it be that the 6 month consolidation was accumulation building?
In the month of December 2018, we have formed a small/medium low-test candle back at the demand zone/possible accumulation. Could this be the first signs of a higher low forming on the monthly?
Let's look closer, moving down to the weekly.
In April 2017 we saw a breakout from 6 months worth of consolidation, coming back to retest the zone in June before making its' way higher forming a lower high at the 50EMA. Was this a correction or the start of a new trend? Could it be that the 6 month consolidation was accumulation building?
In the month of December 2018, we have formed a small/medium low-test candle back at the demand zone/possible accumulation. Could this be the first signs of a higher low forming on the monthly?
Let's look closer, moving down to the weekly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.