ezodisy
Short

gbp/usd daily - flat correction

FX:GBPUSD   British Pound/U.S. Dollar
47 3 3
This cable daily chart shows the pair has traced out a 3-3-5 flat, now touching resistance at the upper trendline. Whatever the result of Brexit on Friday morning, expect the pair to sell off. A reason to justify price movement will always FOLLOW price, not precede it. See the chart below for a long-term view of this pair in anticipation of one more move down to complete the pattern.
ezodisy
5 months ago
the long-term view of cable (weekly chart) anticipates one more move down to complete an ending diagonal sub-1.35

snapshot
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KashifN28959685
5 months ago
hi, At which point we can expect start of down trend, it appears breaking the channel to upside
+1 Reply
ezodisy KashifN28959685
5 months ago
Yes it appears, but keep in mind that long-term trendlines, like this one which is two years long, don't have to be exact to the pip. It can spike through slightly, and then fall. Today is a very special day in the UK and the move through the trendline might be a larger fake than normal because of volatility, but ultimately the pattern says that price will fall.
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