It looks like GBPUSD is forming a butterfly pattern and the 4-hour CCI has been extremely overbought. The descending trendline and the flat resistance are aligned with the 1.3992 level of the potential D point. I am waiting for the price to rise up to this point, where I think is a good place to sell. Then I expect a breakdown and decline to the support area of 1.3897, 1.3838, and 1.3742.
Order cancelled:
The price failed to rise up to around 1.3992 and form the pattern. Trading plan updated.
