GBP/USD: A Double Top driving the pair downside
|GBP/USD has been heading towards the South for the last five trading days. Yesterday's daily candle came out as a bearish candle. The price made a bearish move earlier today. After having a bounce, it has gone back to the level, where it made its earlier bearish move. The price may end up producing a double top here. Thus, the sellers may get an opportunity to go short on the pair.
Chart 1 GBP/USD H1 Chart
The chart shows that the price found its resistance at the level of 1.30000 last time. As of writing, it may find its resistance at the same level again. The price may keep heading towards the downside and make an H1 breakout at the level of 1.29605. If that happens, the price may head towards the level of 1.29350 with good bearish momentum.
Trade Summary
Entry: Sell below 1.29605
Stop Loss: Above 1.30000
Take Profit 1: 1.29350
Take Profit 2: 1.29195
Take Profit 3: 1.28975
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