GBPUSD Market Analysis

A strong appreciation on GBPUSD raise concern for counter-trend traders who are looking for shorting opportunity.

If the completion of the Bearish Shark Pattern completes on 8 Feb 21 at 6pm(+8GMT) or 12pm(+2UTC) it would be a perfect opportunity to short the market.

The reasons as follows:
1) Bearish Shark Completion
2) Structure Resistance
3) Just nice touching trendline without violating it.

If the shark pattern completes before 8Feb21, the first 2 reasons still stand and it would depend heavily on how the candle is formed, if it's a long shadow or Doji candle that the candle closing price isn't above the trendline it is still possible to bring in the trendline traders to short the market.