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GBPUSD close to a major sell signal

The rollercoaster ride for USD continues. For a few weeks, the USD was gaining strength. Then we got a proper bearish correction and many traders thought that the good times for the USD were over. The new week, however, has started with renewed demand for the greenback.

We’re very close to a major sell signal on the cable. Our negative outlook comes from the fact that the price bounced from the 38.2% Fibonacci and created a symmetric triangle pattern (black). In this case, it looks like this is a trend continuation pattern, which should result in a breakout of its lower line. Some may say that the triangle is also a head and shoulders pattern, and to be honest with you, we will not argue with that. A proper sell signal will be triggered when the price closes the day below the lower black line. The chances of that are quite significant.

In the event of a breakout, we’ll be targeting the lows from August. That gives us a great risk-to-reward ratio. From a practical point of view, the Stop Loss can be placed above today’s daily highs, which makes the potential profit three times higher than the potential loss.

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