MY PROJECTED MOVE FOR GBPUSD FOR THE NEXT DAYS/WEEKS. ENJOY. IF YOU LIKE, SHOW SOME LOVE & SUPPORT WITH THUMPS UP, FOLLOW, ETC.
If you look at GBPUSD weekly you can see that it is on a strong downtrend. Now, GBPUSD just finished creating a double top (M) pattern and we are waiting for the retest. The hammer/doji on the daily is signaling that its about to reverse/retrace to that neckline to complete the pattern. That neckline is also in confluence a 38.2 daily fib retrace, and daily supply. Now following market structure we know that if we are still on a downtrend it should make lower lows and lower highs, so it should break the 1.27 zone all the way down to the next WEEKLY demand! Next, from the neckline down to the 1.26 weekly demand we should have another retrace up to 1.26 creating a break and retest off that daily zone, readying up for the BIG DROP all the way down to the 1.22-1.21 weekly zone. Once again pull out your fibs from the break & retest zone down to the last weekly zone and you can see more confluence to the previous weekly zone which would be a 78.6 retracement. Then we should see the price retest the 1.21-1.22 week zone creating a possible double bottom (W) or break and retest of that zone.
THIS IS FOR EDUCATIONAL PURPOSES ONLY. TRADE AT YOUR OWN RISK AND USE PROPER RISK MANAGEMENT.
ANYTHING RED WAS MARKED LOOKING AT WEEKLY CHART. ANYTHING BLUE WAS MARKED BASED ON DAILY CHART.
If you look at GBPUSD weekly you can see that it is on a strong downtrend. Now, GBPUSD just finished creating a double top (M) pattern and we are waiting for the retest. The hammer/doji on the daily is signaling that its about to reverse/retrace to that neckline to complete the pattern. That neckline is also in confluence a 38.2 daily fib retrace, and daily supply. Now following market structure we know that if we are still on a downtrend it should make lower lows and lower highs, so it should break the 1.27 zone all the way down to the next WEEKLY demand! Next, from the neckline down to the 1.26 weekly demand we should have another retrace up to 1.26 creating a break and retest off that daily zone, readying up for the BIG DROP all the way down to the 1.22-1.21 weekly zone. Once again pull out your fibs from the break & retest zone down to the last weekly zone and you can see more confluence to the previous weekly zone which would be a 78.6 retracement. Then we should see the price retest the 1.21-1.22 week zone creating a possible double bottom (W) or break and retest of that zone.
THIS IS FOR EDUCATIONAL PURPOSES ONLY. TRADE AT YOUR OWN RISK AND USE PROPER RISK MANAGEMENT.
ANYTHING RED WAS MARKED LOOKING AT WEEKLY CHART. ANYTHING BLUE WAS MARKED BASED ON DAILY CHART.