Technicals:
Many patterns seen, I avoided chart drawings to keep the chart clean
H4 bearish gartley
Inverted head and shoulders (left shoulder 27 May 2020)
Head and shoulders pattern (left shoulder 8 July 2020)
Downside breakout to uptrend
Support and resistance levels drawn
Price approaching resistance
I see similar bearish patterns across most GBP pairs which may signal a depreciation in GBP soon.
Remember proper risk management
- The best trades will fail, hence the need for proper risk management
- Avoid entering too many GBP trades at once, because if GBP appreciates, all trades will fail
- If planning to enter a few GBP trades, enter each pair with smaller positions and calculated risk
Many patterns seen, I avoided chart drawings to keep the chart clean
H4 bearish gartley
Inverted head and shoulders (left shoulder 27 May 2020)
Head and shoulders pattern (left shoulder 8 July 2020)
Downside breakout to uptrend
Support and resistance levels drawn
Price approaching resistance
I see similar bearish patterns across most GBP pairs which may signal a depreciation in GBP soon.
Remember proper risk management
- The best trades will fail, hence the need for proper risk management
- Avoid entering too many GBP trades at once, because if GBP appreciates, all trades will fail
- If planning to enter a few GBP trades, enter each pair with smaller positions and calculated risk