calum_mcnichol

GBP/USD Potential Short Trade

Short
FX:GBPUSD   British Pound / U.S. Dollar
This is the first analysis I've posted, I'm still quite new to this. Id love to know your thoughts and areas I could improve.

When looking at the daily chart you can see this pair has been trending down since 2014, with the trend line holding strong.

Now looking at the 30m chart I can see a head and shoulders which has formed and created a strong support level

As well as the head and shoulders and support I can see that the market has retraced back to the .50 Fibonacci level and is once again starting to continue the downtrend.

I can see another lower support level at the recent swing low which has been tested twice so far.

Currently the market is sitting in the higher support level , its shown to be quite a strong level and supported the head and shoulders , if it can break this support I feel it has a good chance to continue the downtrend towards the swing low and lower support area .