GBPUSD 1H 'M' Formation & Forecast

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD             has just it's 4th leg on an M formation, with price reacting perfectly to our previous prediction.
We have taken profit from our trade long to resistance, and now wait to see if price breaks through support or bounces back upwards.
Interestingly, the 200 MA is sitting near the Support Level at the moment adding an extra layer of buyer demand.
However, with the overall daily trend being bearish , we find it more probable of a break downwards.
We await confirmation.

Trading Ideas:
Trade the range
Trade the M formation
Trade the breakout on either side
Comment: On the 15M time frame, the M formation has completed it's 4th leg.
If you are trading on 15M, trade the range or wait for a breakout.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out