Considering general parameters supporting a positive outlook on , the Dollar’s dominance across major pairs appear to rub on the Pound too with the intent of correcting the long-term perspective.
Tendency: Downtrend ( )
Structure: Reversal pattern |
Observation: i. The appearance of what looks like a triple Top structure after price created multiple peaks at nearly the same level @ $1.4200 area indicate a possible price slide should the price move below pattern support at Neckline (Key level @ $1.4100) in the coming week(s).
ii. Multiple rejections of the $1.4200 area in the last 25days signals that the price may no longer be rallying and that lower prices may be on the way!
iii. In this regard, I shall be looking forward to a Breakdown/Retest expectation of Neckline for confirmation to join decline as below Key level @ $1.4100 remains a comfort zone for selling opportunity.
iv. As it occurred on my EURUSD speculation, a further plunge below $1.4000 might welcome addition to the existing position.
v. CAUTION: It is important that I state here that the overall perspective to this pair is (see weekly chart below) and if price remains above Key level, the whole narrative shall be rendered invalid... Trade consciously! 😊
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Potential Duration: 4 to 10 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
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Past performance is not necessarily indicative of future results.