A three drives pattern for GBP/USD, illustrating future price
action. At the moment, GBP/USD is obviously quite oversold
and last weeks Doji formation on the weekly time frame was
most likely a signal for a bullish correction move.
Price formed a double top above and the projected
measured objective of the double top reaches just beyond
the 50% level, as well as just above the yearly pivot point.
Thus the 1.3000 level will be crucial in determining if price
will reverse from there and continue its bullish path, and
this will be determined if price closes above 1.3567.
If price gets rejected at 1.3657 expect further decline to
the 61.8% Fibo retracement level below, or slightly below
it. Between the 1.2850 (61.8%) and 1.2589 level price
should find enough support to reverse to the upside. The
measured target objective is 1.5104 which is the extension
of the initial bullish leg, and would clear the Brexit high.
This is a projection and should be used as a road map if
and when price reaches the designated levels.
Happy trading
action. At the moment, GBP/USD is obviously quite oversold
and last weeks Doji formation on the weekly time frame was
most likely a signal for a bullish correction move.
Price formed a double top above and the projected
measured objective of the double top reaches just beyond
the 50% level, as well as just above the yearly pivot point.
Thus the 1.3000 level will be crucial in determining if price
will reverse from there and continue its bullish path, and
this will be determined if price closes above 1.3567.
If price gets rejected at 1.3657 expect further decline to
the 61.8% Fibo retracement level below, or slightly below
it. Between the 1.2850 (61.8%) and 1.2589 level price
should find enough support to reverse to the upside. The
measured target objective is 1.5104 which is the extension
of the initial bullish leg, and would clear the Brexit high.
This is a projection and should be used as a road map if
and when price reaches the designated levels.
Happy trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.