GU expected to maintain bearish bias on medium to long term, price has been respecting the inflow of supply near minor resistance levels channeling price to major weekly support level below the 1.30000 level.
If bulls take charge which is unlikely with current strength of the US economy and woos of trade wars with China, if price finds ground above the previous h4 fake out downtrend break - the minor highlighted zone, we could see price surge back to 1.36000 to retest the level of the start of accelerated descend.
Interesting observation: On daily price seems to be retesting an inner major downtrend break, price has swiftly been moving along on the out side of the broken downtrend , a break of the daily downtrend along with strong economic drivers against the US, GU may regain bulls in the months to come.
If bulls take charge which is unlikely with current strength of the US economy and woos of trade wars with China, if price finds ground above the previous h4 fake out downtrend break - the minor highlighted zone, we could see price surge back to 1.36000 to retest the level of the start of accelerated descend.
Interesting observation: On daily price seems to be retesting an inner major downtrend break, price has swiftly been moving along on the out side of the broken downtrend , a break of the daily downtrend along with strong economic drivers against the US, GU may regain bulls in the months to come.
GO AT IT!