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Price has been on a corrective phase from a previous sell off.
Now price is currently testing our previous demand now turning supply.
We look to go short one we have confirmation candles of rejection.
Projection would be down to our next demand zone.
Price respected our channel S&R. Price projected to continue to rally up to our supply zone which is also between our 78.6% and 61.8% fib. retracement from the sell off from 2 weeks ago.
Price has been testing our supply zone multiple times and was unable to break above.
Now price slowly forms a possible H&S pattern signalling a short term retracement down to our demand zones.
Price currently testing our demand zone.
UK Q2 Gdp data release in 30 mins.
Possible Scenario would be price go for another push down our demand zone before rallying up to our next supply zone for another test of resistance in our higher time frames.
Price now on our 61.8% Fib retracement sell off after almost 4 months of rally.
Projection would be - price retest our demand zone shaking off retail longs prior going up to our next supply zone.
Price continues to track down our channel to the downside for months now.
Price tends to flow through our channel S&R on normal market conditions with few spikes outside faking breakouts.