I see more downside using the Volatility Response Model (VRM)
See the Forex thread "Predicting future FX support and resistance levels using mathematics" first post for an explanation.
FX markets are highly non-linear so straight lines don't work for me.
I attach the latest VRM GBPUSD chart as of today.
The GBPUSD has broken down through the bottom of its long term trend channel (green) at 1.2402 and broken down through the bottom of its short term trend channel (blue) at 1.2215
Until GBPUSD finds support on the middle of the short term trend channel currently today at 1.2409 it will not be bullish. GBPUSD still has to break back inside the short term trend channel (blue) to even be considered a buy.
Lets see what happens. Time will tell.
See the Forex thread "Predicting future FX support and resistance levels using mathematics" first post for an explanation.
FX markets are highly non-linear so straight lines don't work for me.
I attach the latest VRM GBPUSD chart as of today.
The GBPUSD has broken down through the bottom of its long term trend channel (green) at 1.2402 and broken down through the bottom of its short term trend channel (blue) at 1.2215
Until GBPUSD finds support on the middle of the short term trend channel currently today at 1.2409 it will not be bullish. GBPUSD still has to break back inside the short term trend channel (blue) to even be considered a buy.
Lets see what happens. Time will tell.
