GBPUSD weekly - downtrend continues ?
The USD still going very strong in all currency pairs and as long as buying Gold is not an alternative, I see this bearish trend continue.
Based on structure and ratios, I see a potential AB=CD pattern in the making which would complete around the 0.786 retracement of the last impulse leg. It will however not be a straight run down the hill as we'll have to break through some previous structure to get there.
Currently the RSI is very oversold, so we can expect a little rally back up into previous structure before trend continuation.
Based on structure and ratios, I see a potential AB=CD pattern in the making which would complete around the 0.786 retracement of the last impulse leg. It will however not be a straight run down the hill as we'll have to break through some previous structure to get there.
Currently the RSI is very oversold, so we can expect a little rally back up into previous structure before trend continuation.
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