We may well see GBP weakness in news events on Wednesday.
We are reaching the contraction of a bearish wedge/triangle on the 4H timeframe. We have now seen structure rejection. Look for follow through and catch this simple sell! Clear invalidation above local resistance.
I have the same exact thing. The daily time frame also has a symmetrical triangle on a down trend. On top of that the UK is moving into a possible recession and GJ hasn't had a decent sized pull back since 2020. Coupled with this being a fifth wave I'm expecting GJ to drop all the way to 159 flat and if that can't hold then possibly 157.5 and 155 flat are I'm the board.
Happy trading
DrBear
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@Japhyryder1891, Hello and thank you for your comment! I could not agree more. The main thing here is patience - once the major trend reverses, we can hit it again and again and again! Have a lovely day!
The daily time frame also has a symmetrical triangle on a down trend.
On top of that the UK is moving into a possible recession and GJ hasn't had a decent sized pull back since 2020.
Coupled with this being a fifth wave I'm expecting GJ to drop all the way to 159 flat and if that can't hold then possibly 157.5 and 155 flat are I'm the board.
Happy trading