when i say reversal we must be carefully as its still not confirmed yet. I believe the play here could be another 300/500 pip rise before we see the struggling GBP top out. In the past we are above the average price range of this pair by some amount. Looking like a H+S pattern forming. The right shoulder looks to be creating a bear flag but a break and important impulse down would confirm this. price has found support @ 1.89739 (0.618%). A break of this zone would trigger a 500 pip fall to 1.84117 (0.50%) however if you catch the sell off of the bear flag thats forming this would be a 1000 pip chance.
Best way to trade this is to let it run up in the bear flag another 300/500 pips and wait for the confirmation of the bear flag before entering the sell. Your first target should be the H+S neckline and if the H+S is validated down to the 50% target.
Enjoy & be safe everyone :)
Best way to trade this is to let it run up in the bear flag another 300/500 pips and wait for the confirmation of the bear flag before entering the sell. Your first target should be the H+S neckline and if the H+S is validated down to the 50% target.
Enjoy & be safe everyone :)