GBPUSD Technical Analysis on Daily Chart – 28th January 2016
GBPUSD – On the daily and we can see that the pair is in a clear down trend and we are seeing the pair retrace to the 15 ema. which happens to coincide with the 23.6% Fibonacci level.
We know that the trend hasn’t changed but at the same time it is also good to look at the possibility of the retracement going further up to test the 38.2% Fibo level.
The MACD is also showing a bullish crossover with the blue line over the red line. That should alert the new bears to be more cautious of entering new short trades.