GBPUSD direction

18 Tem 2016

MACD has produced a gold cross on daily chart. However, price has yet to produce a candle standing above EMA9. If price cannot stand above this line, one cannot expect any follow through on 4h. Until price stands above EMA9, it would be better to use 1h to follow this trend. From my rule book, MACD cross should come into effect within 4-6candles. If there is any rebound, my target would follow EMA27 as first initial target.