TipTVFinance

GBP/USD - Will it see a bullish break from inv head and shoulder

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
Cable is running higher in anticipation of 'remain' vote victory. The result the pair is trading well above the inverse head and shoulder neckline seen on the daily chart at 1.4830.

However, it is premature to call a bullish break here, given the daily close needs to be above 1.4830. Even if we do have a day end closing above 1.4830, it is slightly risky to expect a fresh rally, given the conditions under which the bullish break happened.

Note the market is pricing-in a 'remain' vote victory by having a look at the polls. This means there is a scope for "buy the rumor, Sell the fact" kind of trade. Hence, the day end closing could be below 1.4830 or the breakout could turn out to be a 'fakeout' tomorrow/next week.
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out