We see a nice H&S pattern on the 1h Timeframe + a tripple top at the 4h timeframe. We have Divergence.
Currently Price is building the right shoulder and is at the 61% fibs, Hitting resistance Zone on the 4h and should reject at the 500/ Resistance and reverse.
If it breaks bellow neckline we should see a drop of about 100 pips.
We would have multiple confirmations to enter the trade.
Divergence on 1h and 4h
3 on MT4
Rejecting off of Resistance and 500 level (current Price level)
Breaking neckline
breaking 1h support on Trendline.
Break Bellow Pivot Point.
All GBP pairs have some kind of pattern that for price coming down.
When Price comes down and breaks Neckline we would have at least 6 confirmations to enter the trade with confidence.
Remember tight Risk management and take Profits on the way down !
Lets see how it plays out
Currently Price is building the right shoulder and is at the 61% fibs, Hitting resistance Zone on the 4h and should reject at the 500/ Resistance and reverse.
If it breaks bellow neckline we should see a drop of about 100 pips.
We would have multiple confirmations to enter the trade.
Divergence on 1h and 4h
3 on MT4
Rejecting off of Resistance and 500 level (current Price level)
Breaking neckline
breaking 1h support on Trendline.
Break Bellow Pivot Point.
All GBP pairs have some kind of pattern that for price coming down.
When Price comes down and breaks Neckline we would have at least 6 confirmations to enter the trade with confidence.
Remember tight Risk management and take Profits on the way down !
Lets see how it plays out
Note
Price continued to rise and broke above resistance zone on the 4h we can expect a further uptrend
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.