as we can see here, after a strong up trending channel, the pound became weak and has been slowly consolidating downwards. it broke past the bottom trendline
leading to a break out to the downside, once the break out has happened it then slowly started consolidating sideways and confirmed structure by creating a new support level
. after it moved back up to the bottom trend line
and tested. after it came back down to the 0.382 fib level, consolidated and then went back to test the bottom trend line
again. this is showing a potential double top
forming which will lead to a confirmation of structure and then hopefully move back to the downside. so we will wait for more confirmation from the candle patterns and a high and crossing stochastic
with a high RSI
, to then be looking for a sell to the downside.