GBPUSD D CHART
BEARISH ABCD PATTERN
A 50% RETRACEMENT GIVES US A 2.0 PROJECTION DOWN TO 1.3500, WHICH IS JUST 100 PIPS BELOW THE 1.414 AB FIB EXTENSION AT 1.3600. YELLOW BOXES MARK PREVIOUS STRUCTURE LEVELS. NOTICE THE 0.382 FIB RETRACEMENT LEVEL (USING THE DOWNSIDE SO FAR FROM THE C POINT) AT 1.4152.
GBPUSD 4HR CHART
BEARISH SHARK PATTERN
BLUE DASHED LINES MARK PREVIOUS MAJOR SUPPORT ON THE DAILY CHART WHICH HAS BEEN BROKEN. WHEN LOOKING AT A SHARK, EXPECT PRICE ACTION TO BE VOLATILE (PERHAPS DURING NFP THIS FRIDAY 3/4/16). TWO OPPORTUNITIES, WITH THE FIRST COMING AT 1.4128. DAMN NEAR CLOSE TO THAT 0.382 FIB RETRACEMENT FROM THE DAILY AND WE ALSO HAVE CONFLUENCE HERE FROM ANOTHER PATTERN DESCRIBED IN THE 1HR ANALYSIS.
GBPUSD 1HR CHART
BEARISH BUTTERFLY PATTERN
BE PATIENT. LET THE MARKET TEST THE 1.27 (MINIMUM) AND 1.414 FIB LEVELS. TECHNICALLY, THE MARKET HASN’T GIVEN A VALID ENTRY AS OF WHAT YOU SEE HERE. YES, THE MARKET IS SLOWING DOWN, BUT NO LOWER LOW LOWER CLOSE CANDLE SINCE TESTING THE 1.618 WHICH IS ANOTHER MINIMUM REQUIREMENT FOR THE BUTTERFLY PATTERN.
STOP @ 1.4200, ENTRY @ 1.4125, TP @ 1.3955
75 PIPS : 170 PIPS (RISK : REWARD)
LEVELSFX 