Head and Shoulders will be tested this week
Volatile week ahead for GBP traders.
Speeches from Carney Draghi... and PM May is scheduled and the GBPUSD is test its post Brexit lows.
So far 1.21 is holding as support but, as you can see, the Cable continues to create lower highs as it is being rejected by any support element that was broken (see example - bottom of Wedge)
The neck line between 1.2 and 1.2 will be tested this week.
If Theresa May will continue to push her's Hard Brexit agenda, we may see the GBP breaking below its 30 years lows...
Read more and see more setups in this week's newsletter (link in signature below)
Speeches from Carney Draghi... and PM May is scheduled and the GBPUSD is test its post Brexit lows.
So far 1.21 is holding as support but, as you can see, the Cable continues to create lower highs as it is being rejected by any support element that was broken (see example - bottom of Wedge)
The neck line between 1.2 and 1.2 will be tested this week.
If Theresa May will continue to push her's Hard Brexit agenda, we may see the GBP breaking below its 30 years lows...
Read more and see more setups in this week's newsletter (link in signature below)
Comment:
1.2 held as support and initiated a 300 pips rally in $GBPUSD - Time to take profits
Comment:
Looks like longer term reversal pattern is forming. Extended target zones are 1.24 and 1.26
