The GBP/USD pair has formed a reverse Head and Shoulder pattern (a bullish pattern) on a 30 minute time frame. If this pattern does play out completely, it could easily push the price to the 1.5365 resistance level. The price is trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages which shows that the bulls have taken control. The pair is also respecting the upward trend line, which further reinforces the above argument. The RSI is in an overbought zone, which calls for caution. This could bring a pause or reverse the trend.
Important Levels
Resistance Zone
1.5457-1.5432 Major
1.5383-1.5365 Major
1.5330-1.5303 Minor
Support Zone
1.5031-1.5003 Minor
1.4929-1.4907 Major
1.4852-1.4830 Major
DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam