One of the main Forex pairs that I have on my radar for the week ahead is the GBPUSD. This pair was at a decision point heading into Friday's Job Day & as a result of the pro-dollar move we officially have confirmation of a bearish simple pattern formation called the Double Top.
Despite the Double Top formation being a bearish signal, i do have my concerns about the overall price point in which it completed. Therefore I'll be looking for a break of it's lows & confirmation that we indeed have a legit bearish move. If this were to happen, it would open up about 500 pips of potential selling opportunities down to the level where I would expect buyers to be interested once more.
Needless to say this opportunity is one that is heavy on my radar as both a swing trader & a day trader.
Do me a favor. "IF" you like this post "THEN" hit that thumbs up button in the bottom right & leave a comment!
Akil Stokes
"Win or lose tonight, my hometown of Philadelphia, PA will most likey be torn apart after tonight's Superbowl"
Despite the Double Top formation being a bearish signal, i do have my concerns about the overall price point in which it completed. Therefore I'll be looking for a break of it's lows & confirmation that we indeed have a legit bearish move. If this were to happen, it would open up about 500 pips of potential selling opportunities down to the level where I would expect buyers to be interested once more.
Needless to say this opportunity is one that is heavy on my radar as both a swing trader & a day trader.
Do me a favor. "IF" you like this post "THEN" hit that thumbs up button in the bottom right & leave a comment!
Akil Stokes
"Win or lose tonight, my hometown of Philadelphia, PA will most likey be torn apart after tonight's Superbowl"
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