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GBPUSD Loses The Neckline Support

Posted On 07 May 2020
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gbpusd

The smaller head and shoulders pattern that emerges from the range-bound trading in GBPUSD has been validated.

This potentially signals a move back to the lower end of the range at 1.2277.

Given that GBPUSD has breached the neckline support at 1.2423, the downside could continue.

Any retracements will see the neckline support coming in to act as resistance.

As long as prices remain below this price level, we expect a move lower to 1.2277 support.

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.

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