The GBP/USD pair has formed a reversed Head and Shoulders - a bullish pattern on a 30 minute time frame. If this pattern plays out, then we could easily see the price near the 1.5848 level. The price is also trading above the 50-day (shown in green) and 100-day (shown in yellow), which confirms that the bulls are in control of the price. However, the price has broken the upward rising trend line which means that the upward trend has become weaker.
The RSI is trading in line with the price action, which means that the bias could be to the upside.
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Important Levels
Resistance Zones
1.6039-1.6007 Major
1.5892-1.5848 Major
1.5809-1.5774 Minor
Support Zone
1.5460-1.5429 Minor
1.5148-1.5108 Major
1.5034-1.5005 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