Possible trend continuation on the weekly for the GBPUSD, price action shows a break of a downtrend line (from 2016) and close above to create a new structure high, after 3 weeks of retracement, price action reached an area of possible reversal, the fibs retracement 618 has been crossed by last week candle and buyers took over at previous structure which is now a new support, before entering long I'd wait for confirmation with next week candle or any other method that you use. A fibs extension shows that the 127, 1414, 1618 are very close if not at the same levels with previous structure. An AB=CD pattern forms right before the fibs ex 1414, the 1272 is just above a key structure from 2009 and 2016. Any tips you have for me drop me a comment. Cheers.
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I'll sacrifice 62 pips and pocket 742. The next level of resistance could be trouble.