Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

GBP/USD- Head And Shoulder Pattern Formed– Will You Trade

Published 10/21/2013, 09:35 AM
Updated 02/02/2022, 05:40 AM
Strategy in Play:

The GBP/USD is forming a Head & Shoulder pattern on a 30 minute time frame. If this pattern does play out completely, we could easily see the price near the minor support zone which we have mentioned below. The price is trading below the 50 day (shown in green) and the 100 day (shown in yellow) moving average which confirms that the bears are in control.

The RSI is trading in line with the price action which means that the downward momentum could continue.
GBP/USD
Important Zones

Resistance Zone

1.6349-1.6316 Major

1.6258-1.6283 Minor

Support Zone

1.6067-1.6051 Minor

1.5917-1.5888 Major

by Naeem Aslam

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.