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GBPCAD: Multiple 1234 patterns in D1

Multiple 1234 patterns can be seen in D1

Multiple 1234 seen on GBPCAD D1 chart

Multiple 1234 seen on GBPCAD D1 chart

  • Month to Month, price is up with recent 4 months of price being flattish.
  • Using the D1 bullish expansion at the beginning of the year as an upflow, we can see multiple 1234 patterns.
    • Predominantly we can see a bigger 1234 pattern encompassing a smaller one.
  • Both patterns have triggered on a WR leading to price completing a WRMB of the previous 2 months low.

In H4, we map out the immediate levels which price might see next

WRMB completed on GBPCAD H4

WRMB completed on GBPCAD H4

  • We can also see that price has done a WRMB of several weeks low in conjunction with the D1 charts.
  • Current price is closer to a monthly support, so it is more probable that price will head up.
  • However take note that price might test this support level or any previous H4 box high as a support by retracing in the form of a 1234 pattern.  Support around 18270-90 (levels by Binni)
  • Resistance around 18400 18500

Updated by Jerome 11 June 2014

Price has come down to retest the support and create a right shoulder to complete a Inverted Head & Shoulder pattern.

Inverted Head & Shoulder pattern completed on D1 chart

Inverted Head & Shoulder pattern completed on D1 chart

On the H4 charts, price can be seen as re-testing the WRMB support levels with price now above

Price seen re-testing the WRMB level on the H4 charts

Price seen re-testing the WRMB level on the H4 charts

 

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