Lots of confluences for a short trade on GBPUSD.
Pattern Trading - Head & shoulders pattern confirmed on the 4hr timeframe (yellow circles)
Bullish Trendline Broken
4hr 50ema broken to downside
Lower low and lower highs now made.
Looking for a pullback in to the bearish TL and a retest of the broken bullish TL.
Price might keep dropping from here so the fib levels could move and I will adjust accordingly.
TP1 would be 1.23
TP2 would be a lot lower if price keeps making lower highs on this timeframe.
Pattern Trading - Head & shoulders pattern confirmed on the 4hr timeframe (yellow circles)
Bullish Trendline Broken
4hr 50ema broken to downside
Lower low and lower highs now made.
Looking for a pullback in to the bearish TL and a retest of the broken bullish TL.
Price might keep dropping from here so the fib levels could move and I will adjust accordingly.
TP1 would be 1.23
TP2 would be a lot lower if price keeps making lower highs on this timeframe.
