Here I have GBP/USD on the 4 Hr Chart!
We have a nice outline of 2 Peaks or Highs forming what looks to be a possible Double Top formation!
With price failing to make a Higher High @ 1.27245 and now on its way back down to the Confirmation of Pattern @ 1.26035, I believe we will be seeing a Break of the current Low giving us a Lower Low signaling Price to extend further down!!
Fundamentally this week:
GBP - Construction PMI and BOE Bailey Speaks (Wed)
USD - JOLTS (Tue) Non-Farm (Wed) Unemployment (Thur) Non-Farm and Unemployment (Fri)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
If Price Breaks and Closes above 1.27245, Pattern INVALIDATED!
If Price Breaks and Closes below 1.26035, Price Action will Initiate my Trade Action Plan!
We have a nice outline of 2 Peaks or Highs forming what looks to be a possible Double Top formation!
With price failing to make a Higher High @ 1.27245 and now on its way back down to the Confirmation of Pattern @ 1.26035, I believe we will be seeing a Break of the current Low giving us a Lower Low signaling Price to extend further down!!
Fundamentally this week:
GBP - Construction PMI and BOE Bailey Speaks (Wed)
USD - JOLTS (Tue) Non-Farm (Wed) Unemployment (Thur) Non-Farm and Unemployment (Fri)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
If Price Breaks and Closes above 1.27245, Pattern INVALIDATED!
If Price Breaks and Closes below 1.26035, Price Action will Initiate my Trade Action Plan!
Comment:
Price is just about to Break our Confirmation!
