GBPUSD, a brief pause

GBPUSD is currently on a downtrend and I believe there’s still some room for a correction before price continues further with the downtrend. Price is currently consolidating, picking up liquidity as it uses specific structures to bounce off and on while triggering pending orders at a loss and triggering stops.

I’ve also spotted a potential harmonic pattern that could align with the 4th hit of the Wyckoff distribution. This setup may fall through if price doesn’t rally up again after testing the low possibly during Asian session.

Kommentera:

Price did the second leg of an M Formation during Asian session and continued rolled over in London opening.