Possible 49 RR, Trying to catch an early bearish move GBPUSD
Hello everyone, back on a quick analyze on GBPUSD, I entered here on the pull back of a nice head and shoulder pattern that started inside of a previous blocked that proved to be strong last time it was hit, when it started a strong pullback. Having a nice ChoCh we hit our strong low again (low determined on the daily time frame). When bouncing up from that low we hit our resistance again and made the head and shoulder. When zooming on lower time frames I was able to find another Choch and a structure that suited a downward impulsion. Entering and analyzing on lower times frames allows me to reduce my interest zone, reducing our SL to 8.2 pips a TP1 of approximately 50 pips, TP2 is around 140 pips, TP3 is around 250 pips and if we completely fill the scenario which is if we fill the gap left behind us on the bounce on the strong support 400 pips could be doable. With the dollar gaining a bit back in strength after the news we could hope to target even lower lows, on the daily time frame, if this scenario works out, we could see a double top forming which could be interesting.
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