I am new to trading so I am open to any feedback on this analysis.
GBP/USD 4H chart has displayed a double top pattern which could suggest a potential sell entry. Look for the break of the neckline before entering. Perhaps set a target at the 1.25140 level at the 38.20% fib level
@Sanjay12, Looks to me that price is struggling to break through 1.26171 resistance level. I would await further confirmation as the price could still break through this resistance level or pull back and find support at 1.22914. Currently the MACD and Relative Vigor Index are not showing signs of a pull back, so again, I would wait to see what course the price takes before entering.
Sanjay00GML
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@francesgurton, agree with you... Now the price try to going up for hit previous resistance... And Then the price will going down?
francesgurton
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@Sanjay12 on the daily chart it doesn’t look like the buyers have much power. I think we could see the price hit resistance at around 1.2620 level and head back down to support. However on the daily chart there has not been any pullback candlesticks yet. I think this one will be a waiting game