GBP/USD Forecast: Long then short

Here is an update on the GBP/USD pair

RECAP: (Previous Analysis)

In our previous analysis GBP/USD was trading at 1.38400
We were bullish on the pair but cautioned that if the pair failed to break above minor resistance
@ 1.38700 it will fall back to 1.37 and that's exactly what the pair did
Our Sell Stop order was triggered & we managed to bank 400 pips over 20 positions on the pair.

WHAT TO EXPECT:

Currently @ 1.36800
The pair has broken below its Ascending channel, from here the pair might fall to 1.35
But 1st we expect the pair to retrace at least back to 1.37600 which is 50% retracement level
If it breaks above this level then the pair might go back to 1.38
Bearish harmonic pattern on the monthly time frame MN suggests a possible change in the direction of GBP/USD
long term.

OUR POSITIONS:

Buy Stop @: 1.37200
Buy Stop TP @: 1.37400
Sell Stop @: 1.36500
Sell Stop TP: 1.36300

link to previous analysis below

Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.