Thursday, May 7, 2020 3:10 AM EDT
The smaller head and shoulders pattern that emerges from the range-bound trading in GBPUSD has been validated.
This potentially signals a move back to the lower end of the range at 1.2277.
Given that GBPUSD has breached the neckline support at 1.2423, the downside could continue.
Any retracements will see the neckline support coming in to act as resistance.
As long as prices remain below this price level, we expect a move lower to 1.2277 support.
(Click on image to enlarge)
Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). ...
more
Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, the level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
less
How did you like this article? Let us know so we can better customize your reading experience.