GBPUSD FORMING TRADABLE BOTTOM POST-BOE/NFP

10 Nov 2014

Now that the dust has settled post BOE/NFP, the GBPUSD is ready to bounce after heavy selling over the last few weeks. Daily RSI and Stochastics are both sloping up now, with Stochastics rising from an oversold level. The daily MACD blue line is trying to bottom, with the MACD histogram becoming less negative. The next key target will be just short of 1.6 where I've drawn a horizontal resistance line, which happens to also be where the GBPUSD will likely bump into the downtrend resistance line. The monthly chart is still bearish, although the weekly chart has been showing bottoming efforts now for a few months.

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