GBPUSD Bullish Scenario: A bullish pattern can be seen for another possible move higher but has yet to trigger buys at the BC 0.50% Fib. level. If looking to buy GBPUSD traders should be patient and wait for price to make a move lower towards the BC 0.50% Fib. retracement level at 1.2808. Waiting for price to hit the BC 0.50% Fib. retracement will offer a better risk/reward trade setup. Blue bullish pattern is invalidated if price moves below point B low of the pattern.
GBPUSD 4 Hour Bullish Pattern
GBPUSD Bearish Scenario: A bearish pattern can be seen for another possible move lower but has yet to trigger sells. If looking to sell GBPUSD traders should be patient and wait for price to make a move higher and hit the red entry trend line and possibly terminate point 5 with a reversal lower. If price hits the red trend line traders should also be watching possible candlestick trend reversal signals (Harami, Dark Cloud, Bearish Engulfing, Shooting Star, etc.) for more confirmation.
GBPUSD Daily Chart Bearish Pattern
GBPUSD Weekly Chart Bearish Patterns: In 2015 and 2016 this bearish pattern formed and both times has reversed and hit targets. Only time will tell if 2017 bearish pattern will trigger and reverse lower to hit target.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.