tun13
Corporal
- Messages
- 82
Sir Sive, your students really put pressure on you to analyze the GPB/USD, LOL! Don't mind us Sir, we just love troubling our teacher ....... students! @Joh,@Lolly,@knot777 and others.
Morning guys,
as we've promised today we will take a look at GBP. The major thing that we have to recall is weekly B&B "Sell' and this pattern is still valid. It means that our major destination level on daily chart is 1.29 support.
Hence, any pullback that we could get now should be treated as a pause, just a retracement before downside continuation. This is important:
View attachment 39759
Meantime 4H chart shows completion of our AB=CD pattern that we've specified last week. here two points we need to mention. First one is - OP target has not been reached yet. It means that GBP should show another leg down. Second, CD leg is slower than AB, which suggests upside retracement as soon as OP target will be touched:
View attachment 39760
OP target could be reached by hourly butterfly "Buy". If you do not trust butterflies, then you could wait a bit more and see whether it will turn to reverse H&S, just to get more confidence.
Those, who trade B&B could watch for bearish continuation patterns when pullback will be over, i.e. use potential rally to sell into.
View attachment 39761