GBP/USD has formed Head and shoulder pattern in 4 hours chart. The neckline is around 1.5350 and any break below will confirm the short term bearishness.
On the downside break below will target 1.5300/1.5240 in short term.
The pair’s minor resistance is around 1.5460 and above that would pave way for 1.5505/1.5550 in short term.
Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell GBP/USD around 1.5375-85, SL 1.5460, Targets 1.5305/1.5255.
On the downside break below will target 1.5300/1.5240 in short term.
The pair’s minor resistance is around 1.5460 and above that would pave way for 1.5505/1.5550 in short term.
Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell GBP/USD around 1.5375-85, SL 1.5460, Targets 1.5305/1.5255.