Break of descending trendline.
Completed 5 wave patterns on larger scale waves along with smaller ones.
Daily respected the 135.972 level which was a support level back n January after the flash crash.
Expecting a slightly further move up towards 138.4 - 138.8 before falling further.
We have on the larger scale a 5 wave down where we're seeing the 4th wave back up as a retracement.
In the retracement, I see the 5th wave up going towards 138.4 ~ 138.8.
In premarket, price rejected at the 138.4, so trying to see if it'll go back to it or send price down...
Looks like price may be stuck in a channel.
Waiting for a long entry at 144.440 to around 146.640 to touch the top channel.
This should be the 5th move within the consolidating channel, and then break down to the down side from the top.
Bounce off support in the falling wedge pattern, and looking for a breakout.
A break above the yellow trendline should catapult about 100 pips.
Might see a cup and handle like pattern thereafter to take it to the upper channel that we see being developed.
I think we're going to see a further down move after that.
5 wave sequence inside of a falling wedge pattern.
At support - when brexit made the first drop, it bounced from the recent low and turned higher (before the longer more grand drop).
5 wave sequence completed on the minor level indicated by the fib level.
On the daily, we can see a small range formation from the recent lows to the 88.6% fib level.
A lot of buying power in GBP, brought this right up to a trendline resistance.
Looking for a big correction to offset the recent bullish move.
I see the past movements as the 1st wave, and we'll be setting up a for a large 3rd wave.
Down week next week, to close the month just above monthly support.
February into May will be bullish.
Price looking to come up to set the neckline, and then expecting a fall back down for the right shoulder.
Making our way right now to finish up the 3rd leg of a 5 wave pattern at the 23.6%.
Retracement down to correct would be the right leg.