KarYong
Short

GBPUSD: Potential Countertrend Trade

FX:GBPUSD   British Pound / U.S. Dollar
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Last week double top divergence didn't follow through as the 1.5340 level provided some support. However, we still see a divergence as price makes higher high. This gives us a slight sentiment to go on a potential countertrend trade.

Should price break and close below the 1.5340 level, we can potentially look for a short opportunity towards the 1.5265 - 1.5200 region, and for more aggressive traders can look for even lower targets around the 1.5080 level where we potentially have a Cypher pattern completion.

However, should price fail to break the 1.5340 level, we can potentially see price reaching towards the 1.5500 area.

I would love to hear your opinion, feel free to comment, agree or disagree.

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KY

Comments

under 1.533 i see a short pattern, small SL 1.545
+1 Reply
yup, a potential head and shoulder as well
Reply
danndc KarYong
i was thinking about this as well

what will be your target?
Reply
a conservative target would be somewhere around the 1.5265 level.
Reply
danndc KarYong
DO YOU THINK IT COULD TEST THE LOWS?
Reply
If we have a convincing break of the 1.5340 level, I believe it could test that low.
Reply
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