trading plan for pound dollar: potential bearish movement

1 เม.ย. 2019

hey traders,

very interesting picture on pound dollar this morning:
starting looking this pair on a daily, we see that from January 2019
the pair is going up in a rising channel.
after establishing a higher high on 27th of Feb,
the market was not managed to go higher,
and bounced down retesting this high on 13th of March forming a double top pattern.

RSI also gives us an indication of a weakening bullish momentum being overbought
with consequent divergence.

on a 4h chart we see a formation of a head and shoulder pattern with the wide neckline to be focused on.
this wide support area around 1.3 level is the last resort for bulls.

bearish violation of this area will trigger a selling reaction and will drive the market all the way down.

your plan for this week:

sell bearish breakout of this support
with T1 - 1.28
T2 - 1.26

good luck!