by Johan Kriek (jkriek@fxinstructor.com)

Today’s post is just a quick one on the GBP. The probabilities on EUR and GBP remains bearish today and come and join me in the Live Trading Room to keep up to date:

Below follows a nice price pattern identified on the GBP:

On the chart above we can clearly see higher highs and higher lows on the daily chart but a rising wedge is clearly visible. Remember that these patterns are bearish

Now I have opened this pattern on a 4hr chart. The green cycles are known as the underlying 60minute trends which determine the direction of highest probability. Clearly the cycle for today is bearish

Look at the chart above: A significant lower peak on the 1 hr charts will provide me with sufficient information to identify the new 60minute trend we are going to trade today. The latest one is indicated with the dotted green lines

Have a look at the picture below to see rising wedges in action:

Good luck with the markets today, especially later when the US unemployment data is released..

Have a good one

Johan Kriek