GBP is on the run thanks to the better GDP data and the positive rhetoric from Mr. Barnier. Cable denied a nice bearish setup, and instead of using the H&S to go lower, it went vastly higher, breaking the long-term downwards trend line.
GBPCAD had a very strong bearish setup with two shooting stars on the daily chart bouncing from the downwards trend line and the horizontal resistance – you just can’t make that up! Unfortunately for the sellers, this setup did not work out, and the price went significantly higher, breaking those major resistances and triggering a buy signal.
GBPJPY is having the worst situation among these three instruments. Here, the price is still below the downwards trend line and we can still create a correction equality pattern. We are still in bearish territory!
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