British Pound / U.S. DollarUpdated GBP/USD-Daily analysis
Hello everybody!
-On a daily chart, we can see that the price formed a double top pattern.
-The double top pattern is a reversal pattern so we may expect some bearish movement.
-We can see that the double top pattern tested and rejected dynamic and static resistance. Dynamic resistance is a 200 period simple moving average(blue) and static resistance is a simple resistance line(yellow line).
-On a daily base, GBP is weaker than USD and on a weekly base, GBP is stronger than USD.
-If USD remains stronger and GBP weaker than we can expect bearish movement and if USD remains weaker than GBP then we can expect bullish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
-On a daily chart, we can see that the price formed a double top pattern.
-The double top pattern is a reversal pattern so we may expect some bearish movement.
-We can see that the double top pattern tested and rejected dynamic and static resistance. Dynamic resistance is a 200 period simple moving average(blue) and static resistance is a simple resistance line(yellow line).
-On a daily base, GBP is weaker than USD and on a weekly base, GBP is stronger than USD.
-If USD remains stronger and GBP weaker than we can expect bearish movement and if USD remains weaker than GBP then we can expect bullish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
Note
GBP is very weak and USD is very strong at this moment so we have bearish movement!
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.
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.