GBPUSD following market structure with an uptrend of higher lows and higher highs to the 1.3000 resistance/flip zone. From here you can see the trend began to exhaust and weaken when attempts to make another higher high failed. We have formed a double top pattern which is an exhaust and trend reversal pattern.
From here I am awaiting a break and close below the 1.2795 zone which is a short term flip zone. This could potentially be a set up to hold through the week ahead given the lower highs and lower lows which will be made (multiple swings compose a trend).
Target will be the 1.2575 zone.
Be careful though. I do not really want to be trading GBP pairs due to the whole Brexit fiasco, but the chart here does look good. I will assess if we get the break and close.
From here I am awaiting a break and close below the 1.2795 zone which is a short term flip zone. This could potentially be a set up to hold through the week ahead given the lower highs and lower lows which will be made (multiple swings compose a trend).
Target will be the 1.2575 zone.
Be careful though. I do not really want to be trading GBP pairs due to the whole Brexit fiasco, but the chart here does look good. I will assess if we get the break and close.