Technical analysis on the gbpusd shows that price will be heading down to the 1.31623 mark will it be a strong downward movement or a weak downtrend, who know's? but from what i see, price will drop inconsiderably low in the long run. The harmonic pattern you see on the chart is'nt the only catalyst which indicates that the gbpusd will be heading downwards. Take a closer look at the left shoulder and the head, what does that represent? The market tested a strong support twice, and else do you see? a neckline and we have a double top, so not only do we have a major/popular/strong harmonic pattern (the head and shoulders), but we also have a strong double top chart pattern, which tell us that pice will go down in the coming weeks.
Price reversed for a 618 retracement on the right shoulder and price is already on it's way down, now my job is to find a way to get in LONGTERM.
Price reversed for a 618 retracement on the right shoulder and price is already on it's way down, now my job is to find a way to get in LONGTERM.
