GU flipped into bearish
Updated
GBPUSD had nice bull rally from 1.3565 to 1.14952 with perfectly creating HH and HLs which later flipped into bearish at 1.14952.
It failed to break above HH but later breaks below HL, also it broke below the Rising wedge pattern which is considered as a bearish chart pattern that points to a reversal after a bull trend. Target of Rising wedge pattern are usually at where it started from which is around 0.618 fib level and yet not completed.
It confirmed the flip of trend by making LL and LHs, currently is in downtrend channel.
Entering short when candle confirms the break of ascending trendline would be perfect with SL at above previous LH which is 1.3% only. It would be low risk high reward play.
I'll do 3 TPs i.e. TP1- 0.5 fib, TP2- 0.618 fib and TP3 would be at 1.3565.
It failed to break above HH but later breaks below HL, also it broke below the Rising wedge pattern which is considered as a bearish chart pattern that points to a reversal after a bull trend. Target of Rising wedge pattern are usually at where it started from which is around 0.618 fib level and yet not completed.
It confirmed the flip of trend by making LL and LHs, currently is in downtrend channel.
Entering short when candle confirms the break of ascending trendline would be perfect with SL at above previous LH which is 1.3% only. It would be low risk high reward play.
I'll do 3 TPs i.e. TP1- 0.5 fib, TP2- 0.618 fib and TP3 would be at 1.3565.
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