New Trend On GBPUSD:Double Bottom Breakout pattern
A double bottom formed along the 1.21484 level and advanced towards its neckline along the 1.32740 level,which price has retested thrice, and finally broken late February this year; this also broke the blue multiyear trend line forming a falling wedge pattern. this snapshot doesn't show the falling wedge pattern though, but if u want the image comment on this idea and I will give it to u ASAP.
THE PLAN
> A fib retracement tool has been placed at the lower neckline of this advanced double bottom pattern, to balance the ghost feed trend (this
move hasn't been made) stretching out from the 78.6% level, to 50% and so on.
> Also the blue trend line drawn diagonally is a multiyear resistance that has held twice, and I believe will be break on the third attempt because
the price is already currently above this level
SO....
a confluence of the fib extension's trend line and falling wedge's trend line marks the spot at 1.31476 level (I added a price tag to indicate it).
However a key resistance box somewhere between 1.45141 and 1.42909 could be a factor; so a close above this level at at least 1.46773 would be necessary and we could be looking at a possible 1.70000- 1.90000 price target in 6years.
you guys tell me what you think, and also if you need that snapshot (falling wedge pattern) let me know.
THE PLAN
> A fib retracement tool has been placed at the lower neckline of this advanced double bottom pattern, to balance the ghost feed trend (this
move hasn't been made) stretching out from the 78.6% level, to 50% and so on.
> Also the blue trend line drawn diagonally is a multiyear resistance that has held twice, and I believe will be break on the third attempt because
the price is already currently above this level
SO....
a confluence of the fib extension's trend line and falling wedge's trend line marks the spot at 1.31476 level (I added a price tag to indicate it).
However a key resistance box somewhere between 1.45141 and 1.42909 could be a factor; so a close above this level at at least 1.46773 would be necessary and we could be looking at a possible 1.70000- 1.90000 price target in 6years.
you guys tell me what you think, and also if you need that snapshot (falling wedge pattern) let me know.