The GBPUSD failed to trade higher despite a strong upward move early in the trading session yesterday.
The price climbed strongly to reach the 1.2080 price level but reversed strongly lower again as the DXY recovered in strength. A skewed head and shoulder pattern was also formed, which could indicate further downside momentum.
Currently, as the GBPUSD trades below the round number price level of 1.20, a continuation to the downside can be anticipated, especially if the price breaks back under the bearish trendline.
However, moves to the downside could be limited with the support level at the 1.1920 key support level.
The price climbed strongly to reach the 1.2080 price level but reversed strongly lower again as the DXY recovered in strength. A skewed head and shoulder pattern was also formed, which could indicate further downside momentum.
Currently, as the GBPUSD trades below the round number price level of 1.20, a continuation to the downside can be anticipated, especially if the price breaks back under the bearish trendline.
However, moves to the downside could be limited with the support level at the 1.1920 key support level.
Trade closed: target reached
price reached the support level indicated
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my mailing list jindaotai.com/joinme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.