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GBP/USD Rooftop pattern in progress



The GBP/USD is dropping from 1.3450 zone on a strong rooftop pattern momentum. The pattern is huge and sell into rallies could be the option now provided that bearish momentum on higher time frames is intact. POC (61.8, EMA89, inner trend line) 1.3285-1.3300 should reject the price towards 1.3235. If 1.3235 breaks next is 1.3208. 4 hour close below should tank the pair towards 1.3152. If you take a look at daily chart you can see a dark cloud cover lurking at resistance where a giant rooftop pattern is on H1 timeframe. It hints for additional confluence for short trades.

Monday, 12 Sep, 2016 / 12:08

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Source : http://www.admiralmarkets.com/analytics/technical-analysis/

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