Andre_Cardoso

(4H) Unfolding into a 5waves structure?

OANDA:GBPUSD   British Pound / U.S. Dollar
OANDA:GBPUSD

After forming one technical double top reinforced by the weekly fractal as resistance printed at 1.26479, the cabe is now trading below the neck/ support zone with the most recent resistance between 1.22499 and 1.22966, the 4h fractal and the daily fractal resistance.
The most recent support is now positioned at 1.21615 (4h fractal ) and the daily fractal at the bottom at 1.20756.
The default target for the technical double top still projected at 1.19147 (the 200% fib extension), converging with one eventual bullish crab pattern just a couple of points above the major golden 61.8% fib retracement, that zone may offer some pressure for the pair with default targets for the bullish crab suggesting a retest of the most recent fractal support levels, if formed.