Here I'm sharing is a GBP/USD 1-hour timeframe showing a "Double Top" formation, which is a classic bearish reversal pattern. Here’s a breakdown:
Pattern Analysis:
Double Top: Two peaks at nearly the same price level, suggesting resistance and a potential reversal.
Neckline: The horizontal line drawn at the support level between the two tops.
Breakdown & Target: The price is projected to break the neckline and fall approximately the same distance as the height of the double top. The black arrow and blue shaded arrow illustrate this expected move.
Trading Implication:
Bearish Bias: A break below the neckline could signal a short/sell trade opportunity.
First Target Zone: 1.33100
second Target Zone: 1.32600
Last Target Zone: As shown it lies around the 1.32200 area, matching the measured move from the pattern.
Confirmation Needed: Ideally, wait for a strong bearish candle close below the neckline for confirmation before entering the trade.
Pattern Analysis:
Double Top: Two peaks at nearly the same price level, suggesting resistance and a potential reversal.
Neckline: The horizontal line drawn at the support level between the two tops.
Breakdown & Target: The price is projected to break the neckline and fall approximately the same distance as the height of the double top. The black arrow and blue shaded arrow illustrate this expected move.
Trading Implication:
Bearish Bias: A break below the neckline could signal a short/sell trade opportunity.
First Target Zone: 1.33100
second Target Zone: 1.32600
Last Target Zone: As shown it lies around the 1.32200 area, matching the measured move from the pattern.
Confirmation Needed: Ideally, wait for a strong bearish candle close below the neckline for confirmation before entering the trade.
Trade active
Running in 50 pips 
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FOREX MARKET ANALYSIS AND IDEAS
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FOREX MARKET ANALYSIS AND IDEAS
8 YEARS EXPERIENCE IN THIS FIELD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
JOIN FREE SIGNALS TELEGRAM
t.me/forexsupppar1
FOREX MARKET ANALYSIS AND IDEAS
8 YEARS EXPERIENCE IN THIS FIELD
t.me/forexsupppar1
FOREX MARKET ANALYSIS AND IDEAS
8 YEARS EXPERIENCE IN THIS FIELD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.