GBPUSD Formed Head and Shoulders Pattern
Burc Oran
January 8, 2021
GBPUSD Hourly Chart
GBPUSD | Hourly Chart

GBPUSD has formed a head and shoulders formation. If the price breaks below the 1.3586 support today, GBPUSD may have to face bearish pressure in the short-term. The formation target price is currently 1.3320 but 1.3430 can be followed as a middle support level for premature reversal. And, of course, if 1.3586 support holds this downward scenario will become null.

Share

Stay informed with market news by subscribing to our reading list.

FTD Articles is a website prepared by FTD Limited's research team. FTD Limited is an online brokerage company offering products of Forex, Spot Metals and CFDs.
The ideas and the information shown here have no responsibility of any of the trading decisions made by the investors or the visitors of this site. Therefore, under no circumstances will FTD Limited nor FTD Articles be held responsible or liable in any way for any claims, damages, losses, costs or liabilities resulting or arising directly or indirectly from the use of website content. We recommend that you seek advice if you have not involved with trading before in order to prevent potential risks that may arise.