GBPUSD looking good for a short down to 1.5000 on the daily, however, I will be awaiting for more conformation from price action around this trendline and 1.5500 level to take any trades. I am expecting a false breakout to the upside first before the move down.
Here we have a Head + Shoulders pattern being fulfilled with the neckline broken, retested and continuation.
I have also highlighted in red the lows of the move upwards, this also marks areas of liquidity where many stop losses will be placed. The first 3 lows (Stops) have already been taken out, the fourth and final low (Stops) now need to be taken. This gives extra confluence for a move down to the monthly support level of 1.5000.
Here we have a Head + Shoulders pattern being fulfilled with the neckline broken, retested and continuation.
I have also highlighted in red the lows of the move upwards, this also marks areas of liquidity where many stop losses will be placed. The first 3 lows (Stops) have already been taken out, the fourth and final low (Stops) now need to be taken. This gives extra confluence for a move down to the monthly support level of 1.5000.