GBPUSD Impulsive Move

The GBPUSD is setup for an Impulsive Move DOWN to the next level of previous Support, possibly two. I have been trading this channel as it becomes more defined, and it is now at the TOP of the DOWN-Channel poised for another down move, probably an IMPULSIVE MOVE as it has been so far as Price approaches the top of the down-trend.

I watch this area closely for a potential Up-Move and repeat of the Flagpole which led into the Highs on this chart, by usine a close STOP on each DownMove and a REVERSAL above the STOP should it quickly take off towards the top, reperating the initail FLAGPOLE UP.

Happy Trades everyone!

Comment:

Where will the down move end, and a new channel withing the down channel begin? Probably along the (purple) down trend slope...

A 166 pip move down is likely.

Comment:

Happy Trading!