INSIDEFX

GBPUSD- 'Not Long Left'

Short
FX:GBPUSD   British Pound / U.S. Dollar
The new low formed at the end of last week failed to break the previous low but has held at the same 1.3080 daily support region. This can be taken as the neckline of our potential head and shoulders formation. Moving averages have been holding price down nicely but the last H4 candle has broken the first level of resistance as price headed towards the 1.3150 upside target to form the right shoulder in the formation. Moving averages now look to be crossing over to the upside. This would usually signal buys but as we approach the 1.3160 region we should be weary of reversals. Price may extend as high as 1.3200 but unless we close above that region we remain bearish overall on this pair given the bearish sentiment from the higher timeframes.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out