Here on GBPUSD we see momentum, which stalled and bounced off an important key level off the Monthly TF.
The rejection of the key monthly support tell me that a trend change is in order.
We have the completion of the 5-Point pattern, the terminal price bar has tested the majority of the PRZ and sharply pulled away, which is one confluence factor.
We also have the completion of the within the C-D leg, a retracement of 50% of the impulse leg, which gives us bottomside projection of 2.0, which lands right in the middle of the PRZ.
I have 2 projected I.P.O. of the 0.382 / of the CD leg.
I.P.O. 2 is important because it could reach the bottom side of our overall providing a possible swing trade.
I.P.O. = Initial Profit Objective
Trade safe, trade smart.