$GBPUSD - Here's How I See it
GBPUSD Price action set to retest the newly formed intermediate rising trend line connecting both troughs created in Aug 15 & Sept 20th formation pattern shown in yellow. However, a shorter term declining trend line, shown in purple, continues to emerge as price action is unable to puncture above this trendline. Furthermore, a medium term downward sloping trendline, shown in white, gives us an idea of how narrow the price action range has been in the past. Solid support is seen at the 1.2873 level shown in red, a move below that level would indicate a search for post Brexit lows maybe in the works. I down't see this happening, because that would mean other cross pairs like: EURUSD, AUDUSD & CADUSD will also seek to resume to post Brexit lows, and confirming a strengthening USD currency, as well as both weakening commodities & oil prices. A repeat of late 2015 patterns ? Not.
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