This can clearly been seen that triangle has been broken. Friday was a big bullish candle. But seems like going to reverse soon to 1.11 level . Its my point of view. I can be wrong.
Blue line : Head and shoulder
Yellowish lines : Rising wedge
Note : If daily candle could not break above right shoulder , then aggressive trader may short it, if it doesn't then it can make a new high to confirm rising wedge .
Bonus : Projected Decline is the TP zone which the strong support area.
> Hit like if you agree.
> NO doubt GBPUSD is in uptrend , but this is a time for correction.
> You may disagree with the impulse leg, but this is my point of view.
As you guys can see that there are two odds that are in one favor.
1- ABCD pattern completion ( Can make butterfly/ gartley pattern )
2- Rectangle Resistance has been met
Like if you agree .
Rising wedge has been confirmed and support seems to be turned as resistance. Wait! if the candle closes below the support level, aggressive traders may sell, and conservative trader may double check or ( retest ).
as we know that our previous analysis on gbpusd has been reached to porentail target. now flag has been made and we have set our potentail target zone.
" Potential target is calculated from the previous resistance which has been broekn to previous high"
Looks a perfect time to go long.
RS : Right shoulder
LS : Left shoulder
Blue vertical line: projected decline
Green rectangle: Take Profit
Faint Red rec. : Stop loss
For last 3-weeks , EU is fulfilling my expectations i have traded 2 times and got both of them deep ITM. On this situation E/U have made a kind of head and shoulder everybody can confirm this . my is idea is to short it to the resistance level which is mention below like a rectangle. after hitting the resistance area we will confirm further action.
Since last to weeks we have been watching bearish trend on EURUSD just because of Rectangle breakup. Now we have achieved Potential Reward of this breakage. and Euro looks like rebounding itself to make H & S . After making H & S , everybody know WHAT HAPPENS !!!!!!!!!!
