GBPUSD Completes The Head And Shoulder Target

gbpusd

The British pound completed the downside target of the head and shoulders pattern.

Price briefly tested the lower range level of 1.2277 before pulling back slightly.

We expect a more firm test of this level in the near term. The overall consolidation, however, is putting pressure on the downside.

Therefore, in the event that prices breakdown below this level, we could expect strong moves lower.

To the upside, the recently breached neckline support at 1.2423 will be testing for resistance once again.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

Leave a Reply

*