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.