June 24, 2016

GBPUSD Multi Year support line

  • GBP/USD Month time frame shown from the Lows made in 1993. 
  • Price touched the support line in 1993, 2001, 2009 and Now in 2016.
  • Breaking this support line can lead to long term weakness for the pair.
  • Pattern also looks like a Multi-Year Head and shoulders pattern. If the Support line holds these scenarios does not come into play.

ES support zone in daily time frame

  • Zone between 2000 and 2020 is crucial for ES Bulls to hold above. 
  • Bears need to close below 200 SMA Daily cloud and support zone to extend this weakness.

Nifty chart analysis

  • Brexit has given huge gains for Nifty bears. More intraday weakness if stays below 7939 levels. Daily is trying to close below 50 Day SMA Bears need a daily close below this line to extend gains. Price may target the rising support line shown in chart 1 if the weakness continues.