This pattern is on all GBP pairs with slight variations. This would be an awesome time to go short when most of the market is long.
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BTW GBPHKD is just used for example. You will see the same pattern on any pair except the COMDOLLS...AUD/NZD...and it may still be a short on those fronts...the patterns is just not as evadent on GBPAUD & GBPNZD
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This idea is still valid im my opinion. I never put in SL or TP becuase I just saw the formation but was not sure about entry. With the pound in consolidation with most pairs (Except some exotics) I opted not to take the trade...but still worth keeping an eye on.