GBPUSD Loses The Neckline Support

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)

gbpusd

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
How did you like this article? Let us know so we can better customize your reading experience.

Comments