GBPUSD moved a different direction as what was expected from our analysis last week. It made a gap at the start of the week and went down all the way without looking back.
It stopped the price movement in bearish consolidation zone 2 and ended the week with a hint of a continuation of the trend.
As the pair is currently residing in the consolidation zone 2, the analysis would expect the pair to go further, reaching a level 3 before a reversal pattern show itself.
I am currently holding open short positions as well and I am planning to exit when it hit level 3 and wait for a reversal pattern to complete itself before going long.
The whole process of hitting bearish consolidation zone 3 and the completion of the reversal pattern can take the whole week of Week 20, we just got to be patient and wait for it.
Thus, the short term outlook remained bearish and would only turn bullish after the reversal pattern at consolidation zone 3 shows itself.
I hope all traders continue to make good profit in Week 20!
Please like and follow me if my analysis helped you in any way! Thanks for the support! =)
It stopped the price movement in bearish consolidation zone 2 and ended the week with a hint of a continuation of the trend.
As the pair is currently residing in the consolidation zone 2, the analysis would expect the pair to go further, reaching a level 3 before a reversal pattern show itself.
I am currently holding open short positions as well and I am planning to exit when it hit level 3 and wait for a reversal pattern to complete itself before going long.
The whole process of hitting bearish consolidation zone 3 and the completion of the reversal pattern can take the whole week of Week 20, we just got to be patient and wait for it.
Thus, the short term outlook remained bearish and would only turn bullish after the reversal pattern at consolidation zone 3 shows itself.
I hope all traders continue to make good profit in Week 20!
Please like and follow me if my analysis helped you in any way! Thanks for the support! =)
