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Weekly support tested and violated...
The GBPUSD has been in a range about 70 pips.
The pair continue with the downtrend since January 19.
At the Frankfurt opening the price broke a downtrenline, long entry opportunity. The price reached the main downtrend line,so time to leave.
At the European window the price made a topping formation, the price finally broke a uptrend line, short entry opportunity. We may add a position with other short entry opportunity.
Just before the London opening the price overcame the Asian support, almost it was the same that the weekly support, 1.5707, the price tested before the Frankfurt opening and violated before the London opening. We closed the positions when the price made topping formation with MACD divergence.
Post edited by Ignacio Hernandez Fradejas, technical analyst at fxforaliving.com
Post reviewed by David Aranzabal, CEO at FX for a living.com
