GBP/USD Awaiting pull back
Scenario 1:
This pair over the past 2-3 weeks has flew up over 500+ PIPS I believe the pair is now over bought and it currently needs a pull back of roughly 200-300 pips. Price has rejected my major Daily Channel Trendline looking back a price action when this pair hit the Trendline it fell over 300-400 pips so I believe the same scenario will happen again, before this i can see a short pull back to create a double top at the zone 1.33.
Scenario 2:
As this pair has rejected my 4H Trendline this could just be a completed Higher Low on the 4H timeframe and price could rocket to 1.3400 - 13450 to confirm this I would need to see a clear break above the zone 1.3250/1.3300 on a higher timeframe such as the 4H,8H or Daily timeframes but I believe price could have a clear rejection of 1.33/132.50 and continue to drop further.
This pair over the past 2-3 weeks has flew up over 500+ PIPS I believe the pair is now over bought and it currently needs a pull back of roughly 200-300 pips. Price has rejected my major Daily Channel Trendline looking back a price action when this pair hit the Trendline it fell over 300-400 pips so I believe the same scenario will happen again, before this i can see a short pull back to create a double top at the zone 1.33.
Scenario 2:
As this pair has rejected my 4H Trendline this could just be a completed Higher Low on the 4H timeframe and price could rocket to 1.3400 - 13450 to confirm this I would need to see a clear break above the zone 1.3250/1.3300 on a higher timeframe such as the 4H,8H or Daily timeframes but I believe price could have a clear rejection of 1.33/132.50 and continue to drop further.
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.