Near term USD weakness

The Baptist

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I have on the 2hr charts, a 'Baptist' Break out pattern for both GBP USD and a better formation still on Gold USD
 

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Latest 4 hr for GBP / Yen

I have re-attached the GBP/Yen that hopefully some have enjoyed the break out from sub 207 levels.

The long BO bar on the17th was followed by 3 retreating bars before another longish Green belt hold day followed, this pattern is a recognised candlestick continuation pattern, which has lead to further increases up to just under the 210 level.

This is a level for some reduction as previous resistance as faltered at the 210.6/211.1 level, while it is possible these areas may be breached the momentum is no longer at peak and the likelihoods are high for consolidation or a top.

I have shorted successfully a few times if a top is confirmed and stops with susbsequent reversals are an option to be considered for the courageous.

Good Luck.
 

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  • GBP Yen 4hr.doc
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