very interesting situation on GBPUSD . The pair is coiling around 1.27 structure resistance and we see a clear rejection of this level.
The pair has just formed a double top pattern, and there is a high chance of switching the sentiment from bullish to bearish .
Our trigger is the bearish violation of 1.255 structure support level.
If the market breaks below this level we can short the pair expecting bearish continuation to lower structure levels. Target levels will be 1.242 1.230
*if the market goes up and closes above the resistance, setup will be invalid!
Please, support the idea with like and leave a comment! Thanks.
The chart also illustrates the mirror formation of a 'drastic/extreme' inverted 'W' shape, or 'M'. If that comes to fruition, without Brexit getting in the way, it will be good news for those already in Short positions.
VasilyTrader
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@TraderWicks, correct! good thoughts, my friend! thank you!