ElemontFX
Short

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.
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