The Pound (GBP) has surpassed our weekly low since the end of September and is approaching our next structure level below. We are expecting a possible reversal at this structure level which we don't want to miss! We can see similar price action in other pairs.
This GBP weakness can be seen across other GBP pairs, for example GBPAUD below :
We have 2 possible outcomes for this pair similar to GBPUSD. Both scenarios are supported in both pairs but we can analyse GBPAUD to figure out whether Scenario A or B will play out.
United States Dollar (USD) weakness can be seen as price has hit resistance on its bull run. On the chart below we can see price has hit our structure level and trendline. Comparing this to reversal patterns we can see a possible shooting star forming which is a clear reversal indicator. 🌠🌠