GBP/USD is in Retracement Mode as Sellers are Waiting in the Zone

The GBP/USD has formed a double top pattern exactly at the W H5 confluence zone. We can see that the pair is retracing and a new drop is possible.

Multi tops, including the double top should be preventing buyers changing the intra-week trend. Remember, 4h timeframe is an intraday, intra-week trading timeframe, so I expect sellers to show up within 1.3930-63. We should see a drop towards 1.3886 followed by 1.3791. Only below 1.3791, 1.3743 and 1.3662 is possible.

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Cheers and safe trading,

Nenad

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.