GBPUSD Watch for bearish reversal

23 февр. 2021 г.

Hello traders:

I am paying close attention to GBPUSD now to look for the bearish reversal price action.

Looking at the higher time frame, we can see the price has been in this larger, deeper ascending channel, correcting the price.

For a period of time the price is somewhat erratic and no structure is formed.

However, the latest price action shows us something different. We begin to see some LTF price action structure, also an ascending channel.

Finally, smaller correction was also formed within the LTF channel, stacking up the bearish confluence.

Look for sharp reversal price action to break down from the channels and continue to the downside.

Thank you

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