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MountOlympusFx

COULD £ PUSH once more to the DOWNSIDE 1.2925??

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
MountOlympusFx Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns pound dollar GBPUSD Forex trading
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trendanalysis harmonicpatterns chartpattern pound dollar gbpusd forex trading
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GU Thesis

- Monthly: After taking out previous highs GU has formed new highs at 1.3355 after rejecting and closing as a shooting star. This is indicating to us that GU price could be ready for a recovery.

- Weekly: Previous 2 weekly candle closed as a shooting star telling us bears are most likely going to push this pair lower. Extra confirmation that bears are in control is that a head & shoulders pattern has formed.

- Daily: Monday had a nice clean break below 1.3050 daily level taking out previous lows and keeping market structure bearish. Next possible target for GU 1.2925 major support.

-1/4hr: After break below level we should now expect a pullback into 1.3026 for a retest which is in confluence with 50% Fibonacci level. If zone holds then a sell-off to 1.2929 is on the cards.
Order cancelled:
No entry
Trade active:
Change of heart I will now be entering trade with stops above black arrow
Trade closed: target reached:
First TP hit
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