LONG GBPUSD

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As can be seen in the GBPUSD chart, the price is near the upper line of the channel. In this situation, two scenarios can be imagined. Scenario number 1 hits the ceiling of the channel and the price falls to create a new bottom in the direction of the current trend. The second scenario is a little more complicated and depends on the break of the channel top line and a change in the current direction of the trend. As can be seen in the chart, this problem itself can be a warning to create a reverse head and shoulder pattern. The target of this price movement can be the level of 1.2170 and 1.2350.Note that the second level occurs at the same time as the 161 percentage level of the AB=CD pattern