VasilyPonomarev
Short

trading plan for pound dollar: potential bearish movement

FX:GBPUSD   British Pound / U.S. Dollar

hey traders,

very interesting picture on pound dollar this morning:
starting looking this pair on a daily, we see that from January 2019
the pair is going up in a rising channel .
after establishing a higher high on 27th of Feb,
the market was not managed to go higher,
and bounced down retesting this high on 13th of March forming a double top pattern.

RSI also gives us an indication of a weakening bullish momentum being overbought
with consequent divergence.

on a 4h chart we see a formation of a head and shoulder pattern with the wide neckline to be focused on.
this wide support area around 1.3 level is the last resort for bulls.

bearish violation of this area will trigger a selling reaction and will drive the market all the way down.

your plan for this week:

sell bearish breakout of this support
with T1 - 1.28
T2 - 1.26

good luck!

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Daily appears to be a buy. Sideways trading for 2 - 3 session cannot be ruled out but most likely this Higher Low on 1D will attract buyers:

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VasilyPonomarev InvestingScope
@InvestingScope, yes, we might see the retest of the resistance. I gave a set of actions for those who are looking to sell
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