Daniel.B

Completing the BC leg up of AB=CD

Short
FX:GBPUSD   British Pound / U.S. Dollar
Well what we have here is a potential AB=CD pattern forming up with price also creeping up to a previous "Supply Zone" where it sold off forming the AB leg of the pattern. Now this trade will be based off of the pattern mostly but you also have historical resistance on your side, along with the Fib retracement levels. Take profit zones are marked by the Fib extensions on the chart. Also marked on the chart is the historical Daily support level in which I found on the Renko Daily chart on G/U (I find it quite helpful using Renko to find S/R zones since it erases the noise and is just raw price action) Also in the longer term, I wont go into detail on the fundamentals but an early rate hike in the UK has become less likely with disappointing data coming out recently pointing to slowing inflation .

Happy trading, cheers =D

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