The pound is putting in another downtrend continuation pattern

Forexmentor.com Forex Trading Price Action

Well, here we go again. It looks to me like the pound is putting in another downtrend continuation pattern on the 15 minute chart, what with leg one in place, and MACD having neutralized back up to the waterline. What was important to me last night, well before the London open, was to see the 50, 100 and 200 EMAs all coming together to form a ‘Death Cross’ (which is bearish, by the way). Price came into today’s session, and found support at the central pivot point, before heading up to M3 – the expected high for the day (this being an M1/M3 day). Subsequently, price collapsed, and is weakening further as I write this piece. Pattern recognition is something you should bone up on, if you are not already familiar with what that is all about. I talk about it often enough that you should see by now that it is a powerful tool to help predict where price is going. Pattern recognition will even tell you how far price is going to go. Check it out in the members’ area at www.forexmentor.com. Merry Christmas to you and your loved ones. The next AM Review will take place on Wednesday, December 27.

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