Last week, February 19 – 23, 2018, looking at the 1day chart and the 1week chart, we see gbpusd continue the downtrend with the top made at 1.4144, Friday, February 16. Gbpusd has now reached the lowest at 1.3856, Thursday, February 22, and with the bottom now near below at 1.3764, gbpusd possibly will make bottom and reverse up. In the 1day chart, we now see the stoch(5,3,3) continue the downtrend and it has almost hit the bottom level, while the macd also still show downtrend signal.
With the top made at 1.4144, the downtrend that start from the top at 1.4344 is said to continue, but now we face the bottom/support at 1.3764, which now can be considered as a triangle pattern. At this point, it seems that it may go either way, but since our long- term view is that gbpusd will still continue the uptrend, it is then the bias and preference that gbpusd will now continue the uptrend. However, since the downtrend is still intact, we watch for still continuation of the downtrend as well as whether the bottom/support at 1.3764 will hold.