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

Tian Kriek

Analyst


January 23, 2020 03:57 AM

BEARISH

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 crown on the Monthly time frame and price is likely to retrace Bearish before moving North. The Weekly probability is Bearish as the up inner trend line has been broken and price is retracing inside the Up Fibonacci AB Boundary to the .382 level. The Daily probability is Bearish as there is a down Push Zone. I am deploying my strategies in a Bearish capacity with targets at 1.2900 support. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-workspaces-23-jan/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3250
Resistance 2: 1.3500
Resistance 1: 1.4000
Current Price 1.3127
Support 1: 1.2900
Support 2: 1.2500
Support 3: 1.2000

Two Hour Chart

Two Hour Chart
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