GBPUSD completing a corrective pattern to return downside?
I think GBPUSD has not completed the bearish move yet. The current bullish intraday move still looks corrective to me. I see the formation of an expanding triangle pattern. Triangles often precede the last leg of a bigger wave pattern. Thus, I have labelled the triangle as a possible wave (iv) of the impulse wave.
The upper connecting trendline of this triangle pattern provides a resistance at 1.3645 and I expect price to stay relatively below (a slight break is possible, but price must return immediately). A strong/fast break above would invalidate this setup.
But, if price bounces off below (probable make a strong drop or sideway congestion), I will look for a sell opportunity. My target stays at 1.32. I love this setup for the potential high R/R. More than 1:5 if the entry is good.
My Telegram channel for free trade setups: goo.gl/rtVtN6
The upper connecting trendline of this triangle pattern provides a resistance at 1.3645 and I expect price to stay relatively below (a slight break is possible, but price must return immediately). A strong/fast break above would invalidate this setup.
But, if price bounces off below (probable make a strong drop or sideway congestion), I will look for a sell opportunity. My target stays at 1.32. I love this setup for the potential high R/R. More than 1:5 if the entry is good.
My Telegram channel for free trade setups: goo.gl/rtVtN6
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