Double Top - GU
Updated
Here I have GBP/USD on the 4 Hr Chart!
We have a nice outline of 2 Peaks or Highs forming what looks to be a possible Double Top formation!
With price failing to make a Higher High @ 1.27245 and now on its way back down to the Confirmation of Pattern @ 1.26035, I believe we will be seeing a Break of the current Low giving us a Lower Low signaling Price to extend further down!!
Fundamentally this week:
GBP - Construction PMI and BOE Bailey Speaks (Wed)
USD - JOLTS (Tue) Non-Farm (Wed) Unemployment (Thur) Non-Farm and Unemployment (Fri)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
If Price Breaks and Closes above 1.27245, Pattern INVALIDATED!
If Price Breaks and Closes below 1.26035, Price Action will Initiate my Trade Action Plan!
We have a nice outline of 2 Peaks or Highs forming what looks to be a possible Double Top formation!
With price failing to make a Higher High @ 1.27245 and now on its way back down to the Confirmation of Pattern @ 1.26035, I believe we will be seeing a Break of the current Low giving us a Lower Low signaling Price to extend further down!!
Fundamentally this week:
GBP - Construction PMI and BOE Bailey Speaks (Wed)
USD - JOLTS (Tue) Non-Farm (Wed) Unemployment (Thur) Non-Farm and Unemployment (Fri)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
If Price Breaks and Closes above 1.27245, Pattern INVALIDATED!
If Price Breaks and Closes below 1.26035, Price Action will Initiate my Trade Action Plan!
Comment
Price is just about to Break our Confirmation!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
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