GBPUSD is in a monthly range (1,35-1,20) since early 2019. This configuration looks like a huge consolidation.
The chart pattern is very similar to a double bottom with RSI divergence confirmation, on the other hand it could also be a triple top (1,35).
However, both pattern on the upside breakout would lead to an exponentiel bull trend, after such time doing...
Nasdaq price is overextended to the upside as shown on the RSI.
Price has made a significant divergence where we can expect an impulsive move to the downside if the support 12030 is broken.
First target would be 11800, 2nd target 11600.
The risk reward is particulary interesting.
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This isnt financial...
Price is stuck between trendlines. A break down should significate more downside to 11610. Howerever, a break up should bring back all time highs.
Trade at your own risk
Price has been consolidating in 1770-1767 for quite some time. A breakout of this area would trigger a sell signal.
However, the trend is still up, must wait confirmation before taking a sell trade.
Sell the breakout when confirmed on 1h / 4h timeframe
We are currently trading at a critical level, 21 EMA monthly which was broken in February. Throughout the last decade, it has provided substantial support and potential sell entries during the dotcom bubble and the subprimes crisis.
Are we headed to the same direction ?
Have a nice weekend, be safe
The S&P 500 is having an explosive rally after the big drop from February. We could expect a meaningful pullback as we run into some resistance (50MA daily).
Price has been compressed into red trendlines and a breakdown should lead to a pullback. 2852 is resistance, a failure to break this level should bring back sellers
What to watch :
1) Daily closure candle
2)...
