GBPUSD POTENTIAL SHORT FORMATION IN PROGRESSWe have been looking at this pair since the end of Feb. We have been waiting for the price to form a strong bullish pullback.
This is opposite to the overall bigger time frame trend, which remains largely bearish. How the price is currently
setup has given us the potential to trade in the direction of the bigger time frame bearish trend which will give us a good
risk reward trading opportunity.
We have listed two reasons for the potential end of the bullish bull back below:
1: Trendline breakout
2: Rising wedge breakout.
We are still waiting for two more reasons below to form before we can start looking for entries. These reasons have been listed below:
1:Break out of the key level which signals a change from bullish to bearish market structure.
2: Retest of key level.
