I stumbled upon this few weeks ago. GBPUSD looks poised for a test to 1.52 levels (would be a nice area to short ahead of the elections if resistance holds or if consolidation forms.
The measured move of the second box, targets the previous resistance (Box 1) that was broken tested for support and then broken on the way down.
Upside breakout from Box 2 could see 1.52 again being tested for resistance before declines.
Buy on test of 1.497 for support, or look to sell from 1.52 into the election period.
Comments
jangseohee
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justatrader
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It should ideally break the triangle now, considering there have been 4 bounces in total.
jangseohee
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base on this triangle, i reckon there is a need for price to go lower to around 1.44xx, i could be wrong