GBPUSD: 2 Scenarios Explained 🇬🇧🇺🇸

21 oct 2022

Since Tuesday, I am holding a short position on GBPUSD.

Important decision is ahead.

Analyzing the intraday perspective, I spotted a head and shoulders pattern on 12h time frame.
1.115 - 1.118 is its horizontal neckline.
If the price breaks and closes below that, the pair will most likely drop much lower.
Next support will be 1.097.

If the price respects the underlined neckline, the pair may bounce.
The closest resistance will be a major falling trend line on a daily.
Those who want to buy cable, should wait for its bullish breakout (daily candle close above).
It will trigger a bullish continuation to 1.147.

I am bearish biased and wait for a bearish trend continuation. But lets focus on breakout.

❤️If you have any questions, please, ask me in the comment section.
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