GBPUSD February 15, 2020

15 Feb 2020

On the weekly we see where market is respecting previous trend as it did back in 2016. We see were market formed double bottom at major support level 1.20000 signalling a reverse from bearish trend. Market then broke resistance level 1.28800 and retested it. (tradingview.com/x/v2UTOCHM/). On the daily we see the market shaping up to form an ascending triangle ( ). On the flip side current market failed to break key level 1.30700. Should market fail to break it again we should see a push to the downside to target 1.29800 possibly forming right shoulder thus forming a Head and Shoulder pattern on the 4H timeframe.