GBPUSD: Pound Lacking Support, Strong Sell
After breaking the support, the Pound is now heading south.
Looking at the 4H and Daily Chart, the current candlestick pattern suggest it is now ready to go down.
You can trade on the neckline resistance or if there is a possibility of double top.
If you are risk taker, you can activate the sell trade now.
In addition, I was looking at the previous structure of GBP_USD (Jan 2008 to July 2008), it has almost exact structure but on a Daily.
That is structure before the Pound crash ssometime on 2008.
Maybe one more bounce on the weekly support trendline before heading home.
Looking at the 4H and Daily Chart, the current candlestick pattern suggest it is now ready to go down.
You can trade on the neckline resistance or if there is a possibility of double top.
If you are risk taker, you can activate the sell trade now.
In addition, I was looking at the previous structure of GBP_USD (Jan 2008 to July 2008), it has almost exact structure but on a Daily.
That is structure before the Pound crash ssometime on 2008.
Maybe one more bounce on the weekly support trendline before heading home.