FXHighway
Long

GBPUSD heads to cover some losses

FX:GBPUSD   British Pound / U.S. Dollar
31 0 1
Target: 1.4000
Risk: 1.3285

Technical reasons:

The GBPUSD             completed forming the inverted head and shoulders’ pattern that appears on chart, thus, the way is open to cover some of the losses that the price suffered recently, as the full target of the mentioned pattern is near 1.4000.

The exponential moving averages 50 and 100 provide the positive support to the price now, to expect the domination of the bullish trend on the short term basis, and the price needs to hold above the support base 1.3285 to continue the expected rise.


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