Double Top Fractal on GBP/USD

The double top is a bearish pattern. What is interesting to see is that GBPUSD is making a perfect fractal here on the second top so far compared to the first top.

Even the two larger volatility candles where the rush to the top and the strong rejection takes place get copied exactly. They have a 16 days distance in-between them.

The most logical scenario is now to monetize the continuation of the fractal and hold a short position when GBP/USD starts the new tradingweek.

There is a slight bullish offset from the first pattern to the second, so you could consider setting the take profit slightly higher and therefore more conservative.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

Comment:

I always like to look at the open gap and the price action immediately after the markets open.

We see a bearish response on the first minutes, which adds extra strength to our bearish signal. Good luck with the trading this week!

Comment:

So far the price follows this pattern still very precisely!

We are reaching the end of where you would still be able to enter the trade. Enter quickly or don't enter a short position anymore :).