GBPUSD has been trading in an ascending channel since March 9th 2021 and is currently at a multi-year resistance level and developing a double top formation at about the same price as the head of our previous head and shoulder pattern (which was just tested).
The upside seems to have rejected the price.
With the aforementioned factors in consideration, the pair could be facing bearish pressure, disrupting the current uptrend.
An imminent reversal is probable.
Entry 1.41950, Stops 1.42650 and Target 1.40150
Trading ideas are subjective. Individual analysis advised.
The upside seems to have rejected the price.
With the aforementioned factors in consideration, the pair could be facing bearish pressure, disrupting the current uptrend.
An imminent reversal is probable.
Entry 1.41950, Stops 1.42650 and Target 1.40150
Trading ideas are subjective. Individual analysis advised.