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GBP/USD – Down trend in 4 hours chart

Thursday, March 9, 2017 12:17
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(Before It's News)

3-10-2017 12-06-45 AMTrend is bearish in four hours time frame. Critical resistance level is present at 1.2478 price area. As forecasted, price action resumed the down trend after printing a Bearish Running Triangle pattern. In last few trading hours, market is trying to move up.

To me; it looks like a a brilliant thought to wait for a bullish Wave X pull back and then take a sell trade to ride upcoming Bearish Wave Y leg. However; a bullish break out in price action above 1.2478 key resistance level will end the down trend. In such market scenario I might like to quit trading GBP/USD currency pair and redo 4 hours chart analysis.



Source: http://fxinstructor.com/blog/gbpusd-down-trend-in-4-hours-chart-2

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