Monday, 11 September 2017

GBP/USD Formed a Double Top at 1.3223




The last GBP/USD move to the upside has lasted for about three weeks, since 24th August. That rally may be over, for now at least, as the pair found a significant resistance around the resistance at 1.3220 – 1.3225. The pair bounced off from that resistance twice, the first time from 1.3223 and the second time from 1.3221, forming a clear double top on the four-hour time-frame. What is more, GBP/USD has also formed a shooting star candlestick on the same time-frame at the same resistance level. Considering those signals, the pair will likely start moving to the downside. The closest support level is probably at 1.3115 which coincides with the (MA)89 indicator on the one-hour time-frame. A breakout below that level will likely lead to another drop towards 1.3000.
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6 comments:

  1. Unknown11 September 2017 at 11:32

    This comment has been removed by the author.

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  2. Unknown11 September 2017 at 11:34

    Let's see what effect the news this week will have on this pair.

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  3. Unknown11 September 2017 at 16:12

    It seems to be a good turning point.

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  4. Unknown12 September 2017 at 02:06

    Seems like its making a double top.

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  5. Unknown12 September 2017 at 12:01

    Well spotted, thanks for sharing!

    ReplyDelete
  6. Unknown17 September 2017 at 18:07

    I'm expecting consolidation in the beginning of the week.

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