GBPJPY Short

2020년 6월 14일

As you can see we broke previous Support after forming a Head & Shoulders pattern.

The market then retest that zone before continuing it's movement to the downside. We then break the Daily Support, but it wasn't a significant move, but still, we are in a downtrend as of now. But here's the catch, we created a double bottom, we made a Lower Low, Lower High, then a Higher Low . This is a pretty complex pattern as of now. The market might be creating a complex pullback, however we do get a SHORT bias because we are in a downtrend.

We created a zone using Fib. Retracement, as you can see the market retraced beautifully on the 50% Retracement, but if the market breaks and closes above the previous resistance, we could see a potential reversal, plus the fact we created a double bottom.

However, I would say that our bias still remains SHORT on this pair as long as the market doesn't break the level I pointed using the red-dotted line.

NOTE: Do not trade this analysis blindly!

What do you guys think?
I would love if you guys share your analysis on this pair as well.