Forex Signal - GBP-USD Technical Analysis 31 Aug 2017

Head and shoulder formation in the major time frame (monthly) is already completed and currently sitting at the oversold position - this could mean only 1 way ahead in the long term direction of the GBP-USD pair and that is bullish. Despite of the difficulties to bounce quickly in the short term correction the pair has a very very high chances of keep moving upwards.



Of course in between there will be correction / retracement going on along the way - but that's only short term noise that will keep the speculators in doubt all the time and that's the way it is. In addition to this the M shape formation that is slowly forming in the EUR-GBP is no coincidence - because this pair is strongly correlated with the EUR-USD and GBP-USD. Which means when the EUR-GBP starting to complete the M formation which is long term bearish direction the GBP-USD will make its major correction.

The only unknown question is when it is going to happen?





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