Hello my beauties.
I noticed this massive head and shoulders has formed during the pandemic.It has led the price to break a bearish trendline that had been lasting since November 2007.
Since the pound has been in such a prolonged downtrend, I wouldn't be surprised if it came back down to kiss the trendline, so I'd be wary of opening longs right now.
The ideal scenario would be a drop around the trendline and a price reversal from there. I will be observing this pair as I believe it will be providing multiple opportunities.
Check out my other analysis in the description.
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider supporting me if you think I am providing you with value.
Peace.
Luca, TrickleDownFX
I noticed this massive head and shoulders has formed during the pandemic.It has led the price to break a bearish trendline that had been lasting since November 2007.
Since the pound has been in such a prolonged downtrend, I wouldn't be surprised if it came back down to kiss the trendline, so I'd be wary of opening longs right now.
The ideal scenario would be a drop around the trendline and a price reversal from there. I will be observing this pair as I believe it will be providing multiple opportunities.
Check out my other analysis in the description.
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider supporting me if you think I am providing you with value.
Peace.
Luca, TrickleDownFX
