It is clear on the daily time frame that we are now in a down trend. The candles are piercing the bollinger bands going down and are "walking the bands". Today was mainly retracement and is now continuing down this evening. It should also go down tomorrow before thinking about retracing up a bit again.
This is also evident on the 4hr time frame. All moving averages are pointing down.
If you are in doubt as to where price is going, put some moving averages on a chart and look at these time frames for confirmation.
Also bare in mind that nearly every GBP news release has been coming out negative for a while now. The UK economy is in a slump.
CCI on 4hr has also skimmed up out of the over bought zone and is now heading back down into the over bought zone. So it tried to go up, failed and is continuing back down.
CCI 24 period
Moving averages - Exponential - applied to the close or median value -
Period 1 2 3 4 5 6 7 8 9 10 11 12 13
Bollingerbands 13 period, shift 0, deviation 2.0
Also do a search for FX snipers T3 CCI. Its a nice multicolored CCI that shows things a bit easier. Set it to 24 period and its T3 period to 1 also.
See if that shows things a bit clearer for you.
This is also evident on the 4hr time frame. All moving averages are pointing down.
If you are in doubt as to where price is going, put some moving averages on a chart and look at these time frames for confirmation.
Also bare in mind that nearly every GBP news release has been coming out negative for a while now. The UK economy is in a slump.
CCI on 4hr has also skimmed up out of the over bought zone and is now heading back down into the over bought zone. So it tried to go up, failed and is continuing back down.
CCI 24 period
Moving averages - Exponential - applied to the close or median value -
Period 1 2 3 4 5 6 7 8 9 10 11 12 13
Bollingerbands 13 period, shift 0, deviation 2.0
Also do a search for FX snipers T3 CCI. Its a nice multicolored CCI that shows things a bit easier. Set it to 24 period and its T3 period to 1 also.
See if that shows things a bit clearer for you.