GBPUSD: Approaching Completion of 2 Bearish Patterns

Some time ago, I told that this pair was most likely going up in a 5-wave wave (C) (see Related Ideas: "GBPUSD: Let's Try This AGAIN! Could Wave 2 Be Done Now?" and "ANALYSIS: GBPUSD; Has A Wave 3 of 3 Begun? Or Not Yet?"). That was 20 days ago that I posted that. I also posted a bearish bat pattern that you see in the chart above 19 days ago. Well now prices are almost there after wandering around in the desert for awhile.

There is also a larger bearish cypher pattern that completes almost right on top of the bearish bat. So you have 2 very high converting patterns converging at the same point just about. Will this cause some kind of reaction to the downside to occur? We'll need to wait and see watching the price action as those 2 patterns get filled. Long term, the wave (C) still has a long ways to go to the upside so I am VERY BULLISH on this pair and have been for weeks now.

DAILY CHART

MY TRADE PLAN
I have been holding LONG positions on this pair for weeks! And I will continue to hold those LONGS. But when prices reach the 2 patterns and fill them, I may move to open some SHORT positions to take advantage of possible retracements.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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