Sonneteufel
Short

GBP/USD 4H View: Possible Trend change or short-term reversal?

FX:GBPUSD   British Pound / U.S. Dollar
219 0 4
Most recent trendline has been broken. Also looks like a head and shoulders pattern had formed around the 1.70 area. 1.705 is also the 60 month high for Sterling and was tested recently. A test of the neck line happened in the session after the violated trendline .

Could be a possible short term reversal? Prices could fall back into the Kumo? If there is a Tenkan-Kijun Cross it could be a minor confirmation of the trend change. Chikou Span has not entered prices yet so there is still room to move upwards. If prices breakout from the Kumo around 1.69 (100 pips away) it could confirm the bearish movement for the higher time frame. For now there is still a few support levels to clear.

3/10 Oscillator lines pointing down, and the divergence could mean the most recent trend ran out of steam.

Triple CCIs falling into negative territory except CCI 50, a -ve CCI 50 will confirm the bearish movement
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