Hi Traders!
There is a potential double-top pattern on the GBPUSD 3H chart around the new monthly high.
Price Action π
After the break above the previous monthly high at 1.24286, the market traded with further momentum and reached the new monthly high at 1.25058, then had a pullback to the neckline support at 1.23740. The market is now re-testing 1.25058, and if there is a hold here with no further bullish momentum, the pattern will become a double top and will likely target the neckline support again.
Fundamental Analysis π°
We have BoE Governor Bailey speaking later, so we must be wary. Depending on what he says, the market could react very aggressively.
Β
Support π
1.23740: NECKLINE SUPPORT
Resistance π
1.25058: MONTHLY HIGH
Risk β οΈ
No more than 2% of your capital.
Reward π°
At least 4% of your capital.
Please make sure to click on the like/boost button π as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a potential double-top pattern on the GBPUSD 3H chart around the new monthly high.
Price Action π
After the break above the previous monthly high at 1.24286, the market traded with further momentum and reached the new monthly high at 1.25058, then had a pullback to the neckline support at 1.23740. The market is now re-testing 1.25058, and if there is a hold here with no further bullish momentum, the pattern will become a double top and will likely target the neckline support again.
Fundamental Analysis π°
We have BoE Governor Bailey speaking later, so we must be wary. Depending on what he says, the market could react very aggressively.
Β
Support π
1.23740: NECKLINE SUPPORT
Resistance π
1.25058: MONTHLY HIGH
Risk β οΈ
No more than 2% of your capital.
Reward π°
At least 4% of your capital.
Please make sure to click on the like/boost button π as your support greatly helps.
Trade safely and responsibly.
BluetonaFX