GBPUSD Renko Analysis, 0.0025 Pip fixed Renko
GBPUSD has been one of the outperforming currency pair this year, since mid 2013. The continued rally which this pair has witnessed has started to show signs of exhaustion. This GBPUSD renko analysis is a delayed analysis, but still has some considerable meat on the table.
- A long term uptrend trend line has been broken at 1.687
- This break of the trendline was retested within the next two renko bars
- Price resumed its bearish rally after this test
- Immediate support now comes in at 1.672
- A break of 1.672 could see a drop towards 1.662 followed by 1.6495
While GBPUSD has been showing weakness to its uptrend, sell any rallies targeting 1.672 with the option to keep a partial position targeting the next support levels