GBP/USD weekly double top pattern, long term target 1.3100 [Video]
Premium|Take advantage of 50% OFF on your first month.
50% OFF and access to ALL our articles and insights.
You have reached your limit of 5 free articles for this month.
Take advantage of the Special Price just for today!
50% OFF and access to ALL our articles and insights.
Subscribe to PremiumOverview
Watch the video for a summary of today’s news releases, a review of the USD Index, and a complete Top-Down Analysis of the GBPUSD.
GBP/USD weekly
Weekly support at 1.3800 and 1.3669, resistance at 1.4009 and 1.4242.
Price last week broke below 1.4009 weekly support with strong conviction after the release of the US FOMC Statement. The weekly double top pattern is now forming and MACD is showing negative divergence confirming the reversal.
GBP/USD daily
Daily support at 1.3800, a daily resistance at 1.4009, and 1.4063.
Price is in a clear downtrend on the daily chart showing a lower top and lower bottoms. Last week finished with 3 straight days down in a row showing heavy selling.
Ahead of the UK interest rate decision on Thursday price may rally back up. Expect the 1.4000 level to now act as a strong resistance level, offering the opportunity to take a position for the next decline.
Long-term targets for the double top pattern would be 1.3669 weekly support and then 1.3100 should 1.3669 weekly support be taken out.
Overview
Watch the video for a summary of today’s news releases, a review of the USD Index, and a complete Top-Down Analysis of the GBPUSD.
GBP/USD weekly
Weekly support at 1.3800 and 1.3669, resistance at 1.4009 and 1.4242.
Price last week broke below 1.4009 weekly support with strong conviction after the release of the US FOMC Statement. The weekly double top pattern is now forming and MACD is showing negative divergence confirming the reversal.
GBP/USD daily
Daily support at 1.3800, a daily resistance at 1.4009, and 1.4063.
Price is in a clear downtrend on the daily chart showing a lower top and lower bottoms. Last week finished with 3 straight days down in a row showing heavy selling.
Ahead of the UK interest rate decision on Thursday price may rally back up. Expect the 1.4000 level to now act as a strong resistance level, offering the opportunity to take a position for the next decline.
Long-term targets for the double top pattern would be 1.3669 weekly support and then 1.3100 should 1.3669 weekly support be taken out.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.