GBPUSD top of the price action, watch for drop

May 19, 2021

Hi everyone:

Also looking at GBPUSD for the bearish opportunities.

Price has been in a long term, higher time frame ascending channel correction, moving the price up to the current area.

We can see on the higher time frame, we approach to a previous high,
which is also where price formed similar price action.
A double tops, "M" structure within the HTF ascending channel, and strong breakdown from the price.

Very identical price action here as well on the lower time frame.

What we can expect the price to do now is complete this lower time frame ascending channel correction,
and look for breakout of the price follow by more bearish correction to go.

Thank you

May 19, 2021

Note

higher time frame:

Jun 18, 2021

Note

Jul 1, 2021

Note