Possible Bearish Reversal For GBPUSD
Looking at GbpUsd, we could be seeing a potential reversal setup forming. On the weekly timeframe, we could see price has been ranging between a significant support and resistance level. We could clearly see that price is approaching the major macro-resistance level. Now that we have our long-term context, let's scope down to the 4H.
On the lower timeframes, we could see price is finding it difficult to get past this weekly resistance level. Adding to the bias, I've pointed out a triple top formation that seems to be setting up. We could notice that the 3 peaks I've identified are around the same level (close to the major level). If price manages to break the neckline (support level) and come back to retest it as resistance, we could expect bearish movement to follow. Once bearish structure is established, that's when I'll be hopping on the sells. But for now, just patience
On the lower timeframes, we could see price is finding it difficult to get past this weekly resistance level. Adding to the bias, I've pointed out a triple top formation that seems to be setting up. We could notice that the 3 peaks I've identified are around the same level (close to the major level). If price manages to break the neckline (support level) and come back to retest it as resistance, we could expect bearish movement to follow. Once bearish structure is established, that's when I'll be hopping on the sells. But for now, just patience
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.