GBPUSD forming a bearish Shark | Upto 24.50% expected
Priceline of British Pound / US Dollar forex trading pair is forming a bearish Shark and entered in potential reversal zone to start the formation of last leg soon insha Allah.
Price action is also hitting the support of bollinger bands.
RSI is oversold.
Volume profile of complete pattern is showing less interest of traders at this area.
Stochastic is oversold.
But Stochastic did not give bull cross sofar and MACD is still strong bearish therefore I would suggest to wait for MACD to turn weak bearish or for Stochastic bull cross signal then buy.
The potential reversal zone can be used as stop loss in case the complete candle stick closes below the PRZ area.
I have used Fibonacci sequence to set the targets:
Buy between: 1.22420 to 1.17505
Sell between:
Secure targets:
1.27537 to 1.38147
Aggressive targets (upto the completion of leg)
1.41488 to 1.46370
Regards,
Atif Akbar (moon333)
Price action is also hitting the support of bollinger bands.
RSI is oversold.
Volume profile of complete pattern is showing less interest of traders at this area.
Stochastic is oversold.
But Stochastic did not give bull cross sofar and MACD is still strong bearish therefore I would suggest to wait for MACD to turn weak bearish or for Stochastic bull cross signal then buy.
The potential reversal zone can be used as stop loss in case the complete candle stick closes below the PRZ area.
I have used Fibonacci sequence to set the targets:
Buy between: 1.22420 to 1.17505
Sell between:
Secure targets:
1.27537 to 1.38147
Aggressive targets (upto the completion of leg)
1.41488 to 1.46370
Regards,
Atif Akbar (moon333)
