FX:GBPUSD   British Pound / U.S. Dollar
Price tested and retested resistance line at least 4 times at 1.27850 before breaking it pushing to an uptrend. Harmonic pattern identified with highest point of current trend being at the D point. Price tested the new resistance line and the market pushed down. Multiple teacup signals throughout this currency pair.
- Wait for confirmation candle!


Thoughts & Ideas...

  • Elliot Wave Analysis - looking for a new Elliot wave to form as 5 waves have been completed followed by a corrective ABC wave.
  • Harmonic Pattern - double bottom formed a bearish bat with D point at peak of trend before market pushed down.
  • Fibonacci Retracement - we are looking for price to hold at .382 and retest, showing a confirmation candle for a long (buy) order.
  • Price action analysis - if price breaks through .382 line and support line then the continuation of a downtrend to follow. A confirmation candle will identify which way the market intends to go.

Conclusion - wait for price to test/retest support line before entering a buy order.

All the best!

Comments

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