3 charts on the GBP to show us the direction
Weekly Analysis - GBP
The market is not expecting any major news out of the UK for this coming trading week. A catalyst to move the GBPUSD will probably come from the US ISM Manufacturing PMI scheduled for 1 Jun 10pm Singapore time.
GBPUSD H4 Chart
The pair is forming a Bearish Bat pattern, completing around the 1.2430. We should probably expect one more leg up before the pair comes crashing down upon the completion of the Bat Pattern.
GBPJPY H4 Chart
Similarly, on the GBPJPY, there is also a Bearish Bat pattern completing higher around the 134.70 levels. HSI indicator currently still around the 60-70 levels. At the completion of the pattern we could probably see the indicators at over bought levels. Ripe for our short trades.
GBPCHF H4 Chart
Towards the end of April, the GBPCHF started to drop after the completion of the Bearish Bat pattern. Suspecting that the pair is forming a continuation bearish Flag pattern for another leg down towards the but zone of the Bullish Crab.