GBPUSD Head & Shoulder Pattern At Top

Short

British Pound / U.S. Dollar (FX:GBPUSD)

FX:GBPUSD British Pound / U.S. Dollar

trendanalysis harmonicpatterns chartpattern gbpusd gbpusdanalysis pound dollar eurodollar forex forexsignal forexanalysis forextrend

GBPUSD has formed head & shoulder pattern at the top. It has achieved its first target, which was at support 1 and it bounces back from support 1 to retest the neckline. Now, it is also trading in descending channel pattern, as shown in the chart, we might see a downside in GBPUSD, as it is facing the resistance of neckline and resistance of channel pattern. One can initiate the short side trade with proper risk management and stop-loss just above the resistance line of channel pattern.

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