My bias for this pair is generally bearish. However, I'm seeing a pattern that I like so i consider this a great opportunity to take a long entry for a small profit. These are the things that I'm seeing:
- Wolfe pattern
- 3 drives
- Demand zone
If GBPUSD comes up like this, it will be a nice entry for Long. I see the following possible scenario:
- Impulsive break
- Possible teacup formation
- Possible H&S formation (if it also makes a BoS there, we will have one more confirmation for an upmove).