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MountOlympusFx

GBPUSD SELL: Weekly, Daily & 4hr. Breakdown

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
MountOlympusFx Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD Forex
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GBPUSD Weekly:
• After breaking through 1.2700 monthly to the downside and has retested level for 2 weeks straight.
• Price is also respecting moving averages which are bearish with multiple rejections.
• Pair is forming series of lower lows and lower highs indicating market is in a strong bear trend.

GBPUSD Daily:
• After breaking through 1.2700 & ascending trendline, price made a new bearish leg and came back up for the retest.
• Price retested the levels and formed several reversal candles (Spinning top, shooting star, bearish engulfing) however price is now stuck in an area of consolidation.
• We will now wait for a breakout of the range. Overall target is 1.2531.

GBPUSD 4hr:
• Already in this trade after rejection from 1.2700 and entered short. The target for this trade is 1.2622 4hr support which is the bottom of the range.
Trade closed: stop reached:
-30 pips going to look for another entry short as price could roll over
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