GBPUSD - Downturn to come
GBPUSD has made a recent LL, breaking it last 2 week gains in up trend. The pair printed a bearish divergence showing trader the strenght is weak.In the later week the pair broke its LH and formed a new LL.
Currently the pair is in consolidation in a box pattern. This shows a mutual consent of buyers and sellers but break down could occur as last week sellers were dominant and sucessfully made the new low.
Trade plan:
Once the consolidation is done the pair could move towards a new low, so entry can be taken at break of the rectangular box.
If the breakout occurs above the box do not enter the trade as that can be fakeout and the pair can only be making a new LH before continuing the downtrend.
Currently the pair is in consolidation in a box pattern. This shows a mutual consent of buyers and sellers but break down could occur as last week sellers were dominant and sucessfully made the new low.
Trade plan:
Once the consolidation is done the pair could move towards a new low, so entry can be taken at break of the rectangular box.
If the breakout occurs above the box do not enter the trade as that can be fakeout and the pair can only be making a new LH before continuing the downtrend.
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