British Pound Forms Bullish Head and Shoulders Pattern


The British pound is forming a bullish head and shoulders pattern as it has performed a technical correction higher against the US dollar. What is next?

5 October, OctaFX – The British pound has performed a much needed technical correction higher against the US dollar, as the pair moves away from oversold trading conditions in the short-term.

British Pound Forms Bullish Head and Shoulders Pattern 

The GBPUSD pair remains vulnerable to further losses, although a potential bullish head and shoulders pattern may be forming if the current monthly trading low holds.

  • The GBPUSD pair retains an intraday bullish bias while trading above the 1.3000 level, key resistance is found at the 1.3046 and 1.3117 levels.
  • If the GBPUSD pair trades below the 1.3000 level, key technical support is found at the 1.2939 and 1.2919 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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