FX:GBPUSD   British Pound / U.S. Dollar
Morning traders

Looking at a great setup on British Pound versus US dollar with Bearish Engulfing candle pattern forming on the daily charts between Friday and Monday and drill down to the 4 hourly charts and we see a head and shoulders pattern forming. Both suggesting British pound is about to head lower versus US dollar .

Additionally we have bearish divergence on RSI charts with higher high in cash price which formed the head of the head and shoulders pattern but only forming a lower low on RSI as volume supporting the price action declines.

Stops set just above the head level and targeting a move back down to sub 1.21 sets up a 3 to 1 risk to reward.

If you are interested in more of our trades get in touch, offering a 30 day free trial currently

good luck trading this week!
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out