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GBPUSD: D1 WRMB leads to H4 1234 pattern

WRMB completed on the D1 charts

WRMB of several months high in D1 charts

WRMB of several months high in D1 charts

  • With the close last week, price has successfully completed a WRMB of previous 3 months highs in the Daily charts.
  • Price also retraced to retest one of the highs earlier in this week.
  • Current support mapped is at the low of the previous and current month.

A possible 1234 on TR might have formed

Binni tweeted below, suspecting that a 1234 on TR might have formed. Giving a buffer so the 16720 level was not triggered.

 

A TR 1234

A Test Retest 1234

If this 1234 is true, then we are seeing a support at 16670

An alternative 1234

H4 Bearish Expansion leads to 1234 in GBPUSD
H4 Bearish Expansion leads to 1234 in GBPUSD
  • Based on the bearish expansion, we can see that price has clearly expanded below several weeks highs and lows.
  • This in turns creates a possible downflow for Tflow® to be used.
  • A 1234 pattern can be seen which might see point 4 forming at any of the previous boxes highs.
  • Take note of the immediate support of previous week low. (Low of Bearish Expansion)

 

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2 thoughts on “GBPUSD: D1 WRMB leads to H4 1234 pattern”

  1. Kangwei Goh says:

    Jerome, I can see that GBPUSD is still in an uptrend and is now trading at the last major swing high. But there is now a short term trend reversal happening in the form of a 1234 on the daily. Can I say that if price take out point 3, which is the lower high of the reversal, then this bearish momentum is just a retracement and price should continue to move up in line with the uptrend?

    1. Jerome Lee says:

      Hi Kangwei, can’t quite picture what you mean. Can you send an email to me with a charts attached to elaborate your query. Thanks.

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