reemy

possible triple bottom on GBP/ USD

OANDA:GBPUSD   British Pound / U.S. Dollar
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3
The engulfing ( hammer ), candle on 21st sep, could be a reason for the price to test that upper resistance area (red arrow down), which coincides with the overhead supply trendline and the decending 20 period EMA .

In this scenario the market would then fall to put in a final test of the 1.28770 area, creating a perfect triple bottom, before climbing to the channel top and the previous major resistance area 1.34300.

I think there is a good basis for this based solely on my definition of support and resistance , but of course seldom do things play out exactly as we perceive, so I am not recommending you buy or sell at these levels if you are a beginner. Just a prediction to purge it from my system. Please feel welcome to watch this idea unfold.

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