GBPUSD @ Crispy Potato26/02/22
FORECAST FOR WEEK 1 MARCH 2022 IS = 50/50 (Based on day and week misalignment)
COMBINED FORECAST FOR MARCH 2022 = BEAR (Based on week and month alignment)
DAYS
WEEK 4 OF FEB FORECAST WAS = BEAR = ACCURATE
PROBABILITY OF DAYS FOR WEEK 1 MARCH = BULL
The week opened inside the mini sideways range. Thursday bombed with an exceptional candle, large bear body, mini top tail and large bottom tail (approx 45% of body) Note no major signal on Day chart to indicate slide. Volume on Thursday is significant. Friday was bull candle, volume also sizeable but lower than Thursday. Note Thursday close and Friday tail (near open) did not break the support line.
The OBV has changed direction and is now trending upward, this is an overall divergence from the candle trend.
WEEK
WEEK 4 OF FEB FORECAST WAS = BEAR = ACCURATE
PROBABILITY FOR WEEK 1 MARCH = BEAR
A very bear candle, large body, and tails at each end (top unremarkable bottom descent approx 65% of body) Volume of week sellers and quite decent, but also constant with previous 4 weeks. The overall trend is bearish and this candle has a high probability of giving bears the momentum to continue south. The OBV is in fair alignment with the support, ever so slightly trending south. Given this support has been upheld it is probable it will bounce off it and head bull candles into the current sideways ranging motion. It will need to pass the 1.31 price line.
MONTH
FORECAST IN JAN FOR FEB = BEAR = ACCURATE
FORECAST IN FEB FOR MARCH = BEAR
GBPUSD is in trend sideways range, it is a sizeable range. Current the trend has turned from its high of 1.41 and now trending toward the 1.21 range. The bear candles for Jan and Feb support the bear continuation. Volume for Feb is higher than Jan, it supports a bear continuation. The OBV is in alignment with the candles.
