GBPUSD
GBP/USD appears to be putting in a bottom.
RSI/MACD showing bullish divergence and price has just made an exit from a Descending Wedge.
If price can hold above $1.17, I'm expecting GBP/USD to eventually reach $1.30
The $1.30 price level coincides with the median line of the (red) Schiff Pitchfork, and is approximately a 50% retracement of the drop from $1.42 to $1.17
I'm not putting on a trade just yet, but I will enter a long position on a double-bottom that stays within the Schiff Pitchfork and arc.
Stay Tuned.
Fat_Fat