GBP/USD is in Retracement Mode as Sellers are Waiting in the Zone

1 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

The GBP/USD has formed a double top pattern exactly at the W H5 confluence zone. We can see that the pair is retracing and a new drop is possible.

Multi tops, including the double top should be preventing buyers changing the intra-week trend. Remember, 4h timeframe is an intraday, intra-week trading timeframe, so I expect sellers to show up within 1.3930-63. We should see a drop towards 1.3886 followed by 1.3791. Only below 1.3791, 1.3743 and 1.3662 is possible.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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