GBPUSD (LONG) ON THE DAILY

12 thg 5, 2019

THE GBP HAD TAKEN QUITE A BIG HIT THIS WEEK BUT I THINK NOW IT IS TIME TO RECOVER SOME OF THOSE GAINS ON THE DAILY WE HAD A BEARISH PATTERN (DESCENDING TRIANGLE) WHICH NORMALLY BREAKS OUT TO THE BOTTOM WHICH INDEED IT DID DO BUT HAD A SHARP PULLBACK TO THE BROKEN SUPPORT AND NOW IS RETESTING THE SUPPORT WHICH COULD POTENTIALLY BE A REVERSAL TO THE UPSIDE THE PREVIOUS DAYS CANDLESTICK HAD FORMED AS A PINBAR AND AS LONG UPPER WICK CANDLE ENDED THE WEEK THE CANDLESTICK FORMATION IS LOOKING LIKE AN INVERTED HAMMER WILL HAVE TO GET CONFIRMATION FROM LOWER TIME FRAMES FOR AN ENTRY