GBP/USD: A Double Top driving the pair downside

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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