Possibility of GBPUSD

I have stopped my up-date on my blog for a while. I have decided to go full time on trading. To be honest, getting it right on chart is easy, doing it right on trading is really something else. The difference between the is that in chart reading, I do not need to estimate how I would reach the objective, trading on the other hand needs to. While the target may be clear, the route of getting there may be hazardous. 

It really too quite a bit of effort to get my trading strategy right.

Anyway, let's go into charting, and today I will focus on GBPUSD.

        GBPUSD weekly chart

GBPUSD has been rising for almost a year since March of 2020. It reached its highest point in Febuary 2021 and retested this limit in May 2021. IT was on the decline since then, breaking through one moving average support after another. 

On moving averages, 8 crosses 55 weeks moving average with a golden cross. and it is possible that 21 weeks moving average twill follow suit. 

The only thing that make me feel uneasy is haphazard movement of this counter on its down trend. There are a lot of overlapping in the process. Never-the-less, based on the behavior of  the moving averages, tendency of downtrend is high. 

What are the support level of this tend then? There are a few levels to consider based on Fibonacci retracement, The immediate level would be 1.3165. There other is  the band between 1.2416 to 1.2497. There are more support in the later mentioned as retracement coincide with projection support.