scaige96
Short

GBP/USD bearish reversal pattern

FX:GBPUSD   British Pound / U.S. Dollar
I believe recent bullish spike seen on GBP/USD is simply a pullback and that there is further downward bearish momentum to be seen in the coming days. LAst week we saw price breaking the long trendline with a strong bullish candlestick which was followed through by another bear candle on the daily. Price then pulled back at around the monthly support level 1.2500 level back to the 1.2740 region making some believe that the bulls had taken back control of the market. However, looking closely at price action and weakness of the bulls, this is not correct! It is clear that this was simply a pullback to the test the break out gap at the 1.2740, sellers were waiting for this price to reach this target to then enter again on a short position.

The bearish momentum should soon resume and looking likely to hit my 1st profit target. Depending on the weakness of the bulls we can see this target being met tomorrow or early next week


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