GBP/USD Awaiting pull back

FX:GBPUSD   British Pound / U.S. Dollar
Scenario 1:
This pair over the past 2-3 weeks has flew up over 500+ PIPS I believe the pair is now over bought and it currently needs a pull back of roughly 200-300 pips. Price has rejected my major Daily Channel Trendline looking back a price action when this pair hit the Trendline it fell over 300-400 pips so I believe the same scenario will happen again, before this i can see a short pull back to create a double top at the zone 1.33.

Scenario 2:
As this pair has rejected my 4H Trendline this could just be a completed Higher Low on the 4H timeframe and price could rocket to 1.3400 - 13450 to confirm this I would need to see a clear break above the zone 1.3250/1.3300 on a higher timeframe such as the 4H,8H or Daily timeframes but I believe price could have a clear rejection of 1.33/132.50 and continue to drop further.
interesting analysis, I'm with scenario 2 as I can only see the USD getting weaker.
Kain3e ApexFX_Pro
@Apex_Managed_Capital, I believe pound is over bought and needs to confirm a Higher low on the higher timeframes before going further...
+1 Reply
@Kain3e, Will have to see how it plans out, keep me updated 👌
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