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.
hi, At which point we can expect start of down trend, it appears breaking the channel to upside
+1 Reply
ezodisy KashifN28959685
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.
the long-term view of cable (weekly chart) anticipates one more move down to complete an ending diagonal sub-1.35

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