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A few days ago, I posted a bearish perspective on GBPUSD.
Yesterdays price action was quite strong to the upside. The pair easily took out several levels of resistance, and is in break out mode.
Nevertheless, I'm stubbornly unconvinced of a long term bullish trend in the pair.
The primary reason behind my analysis lies behind the elliott wave structure of the move down. Nevertheless, I've redrawn the channel by connecting the bottoms, and once again we are near the top of the channel.
Though, the trade is no longer appealing, it is worth watching for reversal signs in this area to see if we do make a turn here. So far the move up has been robust, so certainly need to see a 4H Reversal pattern.
Yesterdays price action was quite strong to the upside. The pair easily took out several levels of resistance, and is in break out mode.
Nevertheless, I'm stubbornly unconvinced of a long term bullish trend in the pair.
The primary reason behind my analysis lies behind the elliott wave structure of the move down. Nevertheless, I've redrawn the channel by connecting the bottoms, and once again we are near the top of the channel.
Though, the trade is no longer appealing, it is worth watching for reversal signs in this area to see if we do make a turn here. So far the move up has been robust, so certainly need to see a 4H Reversal pattern.
