This idea is based on 2 apposing forks and the market rejecting the upper Green ML. I have also included 2 vertical timing lines at the crossover points of both forks. The first crossover point of the lower green parallel and downward purple ML picked up the reversal to the ML. I am looking for a breakout of the small pennant formation at the green median line. Let's see how this unfolds
Comments
jangseohee
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from British Pound futures, i see that it wants to touch the lower triangle line to build a better base for rebound.
but i do not know the exact timing
Technician
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This pair have multiple Fibonacci reversal signals, if didn't fail, we will probably see good downside...
Timing_is_key
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Yes Technician, Based on the previous range, the Fib 23.6% was the important 2nd lower top which confirmed the down trend. This market looks range based with a down trend bias as it seems to be respecting 1.98260 level, ie. Retracement of 1/3 as well as the 2/3 and 3/4 Gann Levels. It will be interesting to see if we get the breakdown.
IvanLabrie
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I expect a new bearish GBP leg, so with you on this one.
but i do not know the exact timing