The 5%ers' Blog

Indication that The Recent Downtrend In The M30 Chart has Ended

June 3, 2019 | 11:16 am | The 5%ers' Blog
June 3, 2019 | 11:16 am
The 5%ers' Blog

Trend Analysis For GBP/USD, Monday 03/06/2019

As we can see in the M30 chart, the GBP/USD has just developed a bullish momentum. In the higher time frame, the price is still bearish.

Below us, there is a new fresh demand level which is also a Quasimodo level. A Quasimodo pattern is a situation where the price changing momentum with one strong movement.

As we can see in the M30 chart, after the recent downtrend where the price creates a few lower highs, it now creates a new higher high with one movement.

That situation creates the Quasimodo pattern and it indicates the momentum changed from bearish to bullish. Usually, this pattern creates an opportunity with a great risk-reward ratio.

The demand below is a great level for buy position and the target will be the supply above.



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