Gbp/Usd has been in a downtrend for a long time. After a long downtrend , it looks like we are getting ready to start a uptrend! We Need A Trend Reversal Pattern First!!!
We are in the makings of a inverse head and shoulders... This should give us our new Trend!!! There are some levels we need to watch for on the way down! We need to watch the .382 Fib as this inverse H and S Could Lean and not be picture perfect! We also need to watch this blue trend line on the chart!
Price could move up a little ... but not much! This area is definately a area of strong resistance because u can see where price touched this area many times in the past.
I have been trying to sell too early .. again making some mistakes on my entries and not my analysis. So next week im going to still be focused on my entries!!!
We are in the makings of a inverse head and shoulders... This should give us our new Trend!!! There are some levels we need to watch for on the way down! We need to watch the .382 Fib as this inverse H and S Could Lean and not be picture perfect! We also need to watch this blue trend line on the chart!
Price could move up a little ... but not much! This area is definately a area of strong resistance because u can see where price touched this area many times in the past.
I have been trying to sell too early .. again making some mistakes on my entries and not my analysis. So next week im going to still be focused on my entries!!!
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Blue Trend Line Is not shown on the chart but i drew it around the 1.23718 level. This is a area that we also need to watch as price starts moving down.
