Straight away this would be an excellent long position in the near future, the C point came into the 0.5 (feel free to draw in the retracement levels) which gives it a BC projection for the D point at 2.0 which is right around 1.35000. If you read my previous post regarding GBP/USD on the monthly chart it is ready to retest the of 1.35000 back in 2009, the chart is shown below.
This pair could go two ways.
1. Price will hit the 1.35000 area, finally breaking the crucial level of support created back in 2009 then meaning the pair will push lower to between 1.30000 and 1.20000.
2. Hit the 1.35000 area to complete our pattern, start to stall out on support and bounce back up to 1.46000.
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