Last week, February 5 – 9, 2018, looking at the 1day chart and the 1week chart, we see gbpusd further continue the downtrend, breaking the bottom/ support at 1.3979 and reaching the lowest now at 1.3764. Will the downtrend momentum still continue or will gbpusd make bottom now and reverse uptrend. In the 1day chart, we now see the stoch(5,3,3) continue the downtrend and has now reached the bottom level, while the macd also still continue to show downtrend signal.
Also, we see that the bbands 1day is already crossed in the middle to the downside, and is now about to hit the lower side of the bbands. At this point, with the still momentum down, it is then the view that gbpusd will still continue the downtrend with possible target which is the lower side of the bbands. Also, it is still the long-term view that gbpusd will still continue the uptrend and now gbpusd is on retracement and consolidation, and we wait now for signs of bottom formation for gbpusd to continue the uptrend.