Hello Traders,
I hope you all enjoyed your weekend - A bearish 2618 formation has completed on the 4h chart of GBPUSD. This is a great R/R trade in my opinion given that there is a significant & confirmed downtrend-line offering some protection as well as previous structure/consolidation. RSI confirms weakening of the pair and there is some ratio confluence at the entry zone. Ideally the retracement into the double top would be at overbought levels. However, I still believe there to be some downside momentum.
Any feedback would be greatly appreciated.
–Ps
I hope you all enjoyed your weekend - A bearish 2618 formation has completed on the 4h chart of GBPUSD. This is a great R/R trade in my opinion given that there is a significant & confirmed downtrend-line offering some protection as well as previous structure/consolidation. RSI confirms weakening of the pair and there is some ratio confluence at the entry zone. Ideally the retracement into the double top would be at overbought levels. However, I still believe there to be some downside momentum.
Any feedback would be greatly appreciated.
–Ps