GBPUSD:Bearish bias in d-wedge to cont.Bounce first within range
Updated
Unless there is a break to the upside out of descending wedge, this is still a longer term sell as bearish bias continues with price trading range-bound. However, do expect a bounce up from descending support trend-line first after completing a touch of descending trend-line then a small bounce to 1.51670's or if it gains momentum slightly higher around 1.52900's, before resuming downtrend. Expect a downside target of around 1.49571 the 100% fib expansion of previous move, calculated using swing high @ 1.56580 (2015-09-18) to swing low @ 1.571071 (2015-10-01) to swing high @ 1.55085 (2015-10-15). Ultimate target could be as low as 1.46163 which ties in with previous March lows and mid-April lows in anticipation of U.K elections. Target Price is 1.618% fib expansion calculated using swing high @ 1.56580 (2015-09-18) to swing low @ 1.571071 (2015-10-01) to swing high @ 1.55085 (2015-10-15). Longer term price targets may be adjusted slightly with more available data.
Note
Well, didn't quite make it to the bottom where I had drawn my trendline, but trade was closed from previous updated chart as targets reached. I missed the opportunity to go long when the bounce occurred. If you load new bars you can see how candles reacted within 50% and 61.8% fib expansion targets from previous swing highs and lows. I still maintain bearish bias. There was a trap today for bears with long wick as buyers entered on weakness. Could be a case of sitting on hands to see if price nears top of black descending resistance of wedge for optimum risk vs reward.
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