GBPUSD looking good for a short down to 1.5000 on the daily, however, I will be awaiting for more conformation from price action around this trendline and 1.5500 level to take any trades. I am expecting a false breakout to the upside first before the move down.
Here we have a Head + Shoulders pattern being fulfilled with the neckline broken, retested and...
I suspect we are coming lower on this pair. We have a head and shoulders pattern and a nice 61.8% fib pull back. Currently sitting on weekly support which I expect to be broken. Watching price action for a nice entry.
1.50200 downside target
I suspect we are coming lower on this pair. We have a head and shoulders pattern and a nice 61.8% fib pull back. Currently sitting on weekly support which I expect to be broken. Watching price action for a nice entry.
1.50200 downside Target.
Suspecting another move to the downside for this pair. Many confluences here:
-Lower swing high with tweezer top characteristics.
-61.8% fib pull-back.
-Counter trend line break.
-Current daily candle engulfing 4 previous days of price action
2 possible outcomes here for me, either way GOLD is coming lower. There is a possible ABCD pattern forming, a clear break of the counter trendline (possible retest and continuation) will bring this pair down to 1035. Other possibility is is a bounce off weekly supp/res back to the trendline and then down to 1035.
Bit late posting this analysis, bearish outlook on this pair. Pair has broken below monthly support and trend line with a retest and continuation. Along with 23.6% fib holding.
