(4H) Unfolding into a 5waves structure?
GBPUSDAfter forming one technical double top reinforced by the weekly fractal as resistance printed at 1.26479, the cabe is now trading below the neck/support zone with the most recent resistance between 1.22499 and 1.22966, the 4h fractal and the daily fractal resistance.
The most recent support is now positioned at 1.21615 (4h fractal) and the daily fractal at the bottom at 1.20756.
The default target for the technical double top still projected at 1.19147 (the 200% fib extension), converging with one eventual bullish crab pattern just a couple of points above the major golden 61.8% fib retracement, that zone may offer some pressure for the pair with default targets for the bullish crab suggesting a retest of the most recent fractal support levels, if formed.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.