The Musings of Faith

A More Meaningful Correction This Time? After a decent correction and a break of the range earlier this week, the GPB/USD made new lows in today’s session at 1.4870 but completely reversed and made new highs 10 pips from the 1.5000 whole number. The daily chart has a strong downtrend that recently made 2 bearish waves from 1.5815 to 1.4780. In the circle is what may be shaping up to be a FAILED 3rd bearish wave which looks to have bottomed at a higher low with today’s 1.4870 low. While I would consider a break above 1.5000 bullish, 1.5033 is the area to watch as the 50% Fibonacci retracement level of this latest push to the downside. A break and subsequent close above this level sees the pair move back towards 1.5200 where prices topped out on at the start of this trading week.

A More Meaningful Correction This Time?

After a decent correction and a break of the range earlier this week, the GPB/USD made new lows in today’s session at 1.4870 but completely reversed and made new highs 10 pips from the 1.5000 whole number.

The daily chart has a strong downtrend that recently made 2 bearish waves from 1.5815 to 1.4780. In the circle is what may be shaping up to be a FAILED 3rd bearish wave which looks to have bottomed at a higher low with today’s 1.4870 low.

While I would consider a break above 1.5000 bullish, 1.5033 is the area to watch as the 50% Fibonacci retracement level of this latest push to the downside. A break and subsequent close above this level sees the pair move back towards 1.5200 where prices topped out on at the start of this trading week.

I am a woman born to Nigerian parents, walking with God, interested in art and technology yet passionate about economics, investments, and capital markets.
At 30, I started this site to be a collection of all that and more forming an eclectic collection of real information. Read more.
"Faith might do, accomplish, and create a lot. In fact, it does."

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