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British Pound Gravestone Reversal Candle

British Pound Gravestone Reversal Candle

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Gravestone Reversal Candle

Prepared by Jamie Saettele, CMT

Wednesday’s action left a gravestone doji (name is not important just know that there is along upper ‘wick’), which is considered a bearish reversal pattern. Like the EURUSD, the GBPUSD rally to a new high (above end of wave A) satisfies minimum requirements for wave C. A larger advance was expected but it would be foolish to dismiss the reversal evidence, especially at the beginning of a new month. 15800 would be support on a breakdown.

Bottom Line – sideways / lower?

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