As some markets analysis models suppose - there are major market reversal cycles somewhere around 7 years length. As we connect two previous lows on the monthly chart (2001-06-01 and 2009-01-01) appears next same length low could be expected at the end of this summer (2016-08-01). That's 91 month cycle (7 years and 7 months) and one more lowest low was 94 month length (1993-08-02 - 2001-06-01).
One more thing we can say - GBPUSD seems like have magnetic middle zone of equilibrium somewhere around all time high and low Fibonacci 50%. And if this equilibrium period was in below side of the 50%, next could go above as the previous cycle was.
In the other hand - this chart looks like huge Head & Shoulders pattern, but we strongly doubt about the price dropping to 1.0 - 0.7 zone (as classical model of head & shoulders suggests).
At the moment market is at major support level of 1.45. It is in the middle between past swing (2009-01-01 and 2014-07-01) high Fibonacci retracement levels of 61.8% and 78.6%.
For more detailed and more frequent ideas, reviews and analysis you can contact me here, on facebook or website.
Best wishes for new incoming trading year! ;)
One more thing we can say - GBPUSD seems like have magnetic middle zone of equilibrium somewhere around all time high and low Fibonacci 50%. And if this equilibrium period was in below side of the 50%, next could go above as the previous cycle was.
In the other hand - this chart looks like huge Head & Shoulders pattern, but we strongly doubt about the price dropping to 1.0 - 0.7 zone (as classical model of head & shoulders suggests).
At the moment market is at major support level of 1.45. It is in the middle between past swing (2009-01-01 and 2014-07-01) high Fibonacci retracement levels of 61.8% and 78.6%.
For more detailed and more frequent ideas, reviews and analysis you can contact me here, on facebook or website.
Best wishes for new incoming trading year! ;)
