GBP/USD 4H Possible Reversal

7 apr 2019

I am a FOREX newbie and working on my charting/analysis abilities. I will be publishing my analyses to track my own progress as I enhance my trading skill set and to document my predictions that don't go according to plan in order to get better over time. In this chart we are coming close to the end of a descending triangle where I think buyers will give it one more go to around the 1.3145 mark; however, sellers will enter at that point and cause a breakout to the downside. This breakout will be through the daily support and into the blue support zone, which is a key area of interest as it will confirm the breakout once broken through and retested. There may be a retest of the daily support, but I think if price action pushes through the daily trend, it will also be successful through the support zone.

If breakout is confirmed and retested at the support zone, I expect it to trend down towards the area of 1.2540 - 1.2509.

Please feel free to comment and/or make suggestions for improvement. Thanks.

KC