A few confirmations line up for a potential bearish move in GBPUSD:
- Harmonic shark bearish pattern
- Fresh supply level test/rejection
- fib cluster with 200% extension and 314% projection
This in addition to the US dollar index finding support at a fresh demand level is my reasoning for a bearish bias. Looking here for a 4:1 reward:risk trade, with risk just above the swing high, and the target where the long term trend support line meets the fresh demand level.
- Harmonic shark bearish pattern
- Fresh supply level test/rejection
- fib cluster with 200% extension and 314% projection
This in addition to the US dollar index finding support at a fresh demand level is my reasoning for a bearish bias. Looking here for a 4:1 reward:risk trade, with risk just above the swing high, and the target where the long term trend support line meets the fresh demand level.
