GBP/USD: There is a large Head and Shoulders pattern on

Tian Kriek

Analyst


September 20, 2019 07:15 AM

BULLISH

Daily Trading Range:
GBP/USD: There is a large Head and Shoulders pattern on the Monthly time frame however price bounced against 1.2000 pivotal support. This means that we may see a substantial retracement, potentially to the next pivot at 1.4000. There is a Bullish Fib ABCD swing with a super shallow retracement (0.236 Fib Level). Price is now converging with the Fib 1.27 Extension acting as natural resistance which incidentally forms a confluence with a pivotal/psychological level at 1.2500. I expect a retracement and after price retraced then I shall look for a Buy Trade.

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.2400
Resistance 2: 1.2250
Resistance 1: 1.2500
Current Price 1.2501
Support 1: 1.2100
Support 2: 1.2000
Support 3: 1.1800

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?