In contrast to EURUSD, the GBPUSD chart reflects a double top or flat rather than a head-and-shoulders pattern. However, unlike DXY and EURUSD, GBPUSD hasn’t broken below its neckline, maintaining a bullish bias as RSI continues to show positive momentum.
• Upside Scenario: If the pair breaks above the 1.3345 high, the next targets are 1.3380, 1.3400, 1.3440, and 1.3500, in the direction of the duplicated channel confirming the possible consolidation as a flat.
• Downside Scenario: A break below the neckline and 1.3200 support could trigger a decline toward 1.3080, confirming a double top formation on the pair.
Volatility catalysts for this week range between the FOMC Outlook and BOE Meeting, between Wednesday and Thursday, following their respective rate decisions
Written by Razan Hilal, CMT
• Upside Scenario: If the pair breaks above the 1.3345 high, the next targets are 1.3380, 1.3400, 1.3440, and 1.3500, in the direction of the duplicated channel confirming the possible consolidation as a flat.
• Downside Scenario: A break below the neckline and 1.3200 support could trigger a decline toward 1.3080, confirming a double top formation on the pair.
Volatility catalysts for this week range between the FOMC Outlook and BOE Meeting, between Wednesday and Thursday, following their respective rate decisions
Written by Razan Hilal, CMT
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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.
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.