Good day traders! This week I'm looking at a potential bearish shark formation on the GBP/USD. This trade will be heavily influenced by next week's British CPI release on 18/04. No general consensus for this announcement has been settled upon yet, but I believe this consensus will make or break the pattern. This will definitely be one to watch in the coming week!
The daily chart is entering into an area where we have had previous support turn to resistance and the pattern at hand is forming within the second test of a potential double top! Lets keep an eye on this and see where it takes us.
Shark ratios: C = 1.13-1.618 D = 1.618-2.24 X to D = 0.886-1.13