Right shoulder still forming and break below the neckline will see more bearishness.
Expect to swing trade this pair on the 4Hr chart. Looks like some sideways movement for a while on this pair.
This retracement can still go up some more.
On the 4 hour chart, pair might be testing resistance at 1.16 and 1.163. Pintail showing some support at levels below 1.15.
From the setup I have drawn, we can see how strong or weak the pair is. Lets observe.
The downtrend channel is still intact albeit there being a spike due to recent release of news from down under. Relook the bearish stance if price trades above 99.0
Fib support at 0.236 level.
Pair near the bottom of the channel on the weekly Timeframe. Long at 0.8705 to target the middle of the channel. Stoploss below the last low of the candle around 0.85.
Price action shows that this market is going higher.
On the chart, I noted the resistance level that is present right now but might take next week for a possible reaction to happen.
The channel was broken last week and it led to the pair falling like a brick. Now its trying to correct higher and staying above that channel is a pre-requisite.
A possible retracement back down to test break out area or a push up beyond the current level.
Bullish close last week on the GBPUSD and above the 200ema.
ABC retracment pattern can seen on the 8 hour chart.