Big picture GBPUSD overview 

Big picture GBPUSD overview 

We have a Zone of Strength on background (green square). It started from breaking down the bearish trend-channel in the late July days. This breakdown acceleration produced a panic feeling (I bet, the news was very “bad”). Then we got a sequence of accumulation – EVRB (absorbing the panic – blue circle), SLKB (the secondary test) and the Final Trap.

Q: You can suppose – why Oleg is telling these old patterns from deep history?
A: Because they repeat one after another in many markets. Study these patterns and you will be trained to recognize the preparations for future trends.

Note how price did breakout through the top red line on the mid-Oct days:
11/Oct – DB
14/Oct – testing of supply, sellers were inactive. This can be seen by the NS bar. NS told to professionals market is strong
15/Oct – bullish response to NS on the previous day, and a breakout above the red line.

How could we interpret the latest events? What is the outlook for the nearest future?

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