Head & shoulders on 4H chart with break of neckline at start of right shoulder, then rejection at peak of right shoulder - rejection on 1H chart is confluence with 61.8 fib retracement from peak of head to break of structure low. Targets set at 1.618 fib extension and previous zone of high momentum from buyers.
Price has hit strong resistance zone after rally and now looking to sell down to daily support zone. UK Lockdown 2 is due to start in just over 24 hours which could see UK Economy crumble depending on duration. Target area is confluence with 38.2 Fib retracement on daily up swing from March low (previous lockdown no1). Feedback welcome...?
Looking for some price action to enter short on cable. Price has hit resistance for a 3rd time creating triple top, I now expect it to drop back down to support and possibly further. Cautious with this pair at the moment due to US Riot news, COVID updates & Brexit. Will be lowering lot size. I will not be entering until all US data today is released.
