Snehath
Short

Will GBPUSD start moving downwards from the November high?

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
The GBP is moving full steam to November high. There is a bat pattern that has been created but I am not convinced this trade is valid at the moment.

What I would like to see is a smaller pattern to short will happen next week to short GBPUSD             . This is shown in green. If the November high is broken then the 1.2575 level will become a strong support.

Keep a sharp eye on this level. If this level holds, we maybe in a big short for GBP for about 400 pips.
Comment: The reaction was quick and violent. I will wait for a pattern to be created with 1.27 as Point X.
Order cancelled: There is no pattern established so this trade is cancelled. Will look to go long next week with the trend.
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