GBP/USD Technical Analysis – 4H Time Frame
Current Market Structure:
Price is moving within an ascending channel.
Currently, price is near the upper resistance of the channel (~1.23900).
A double top pattern appears to be forming:
First top is confirmed.
Second top is expected upon retracement to resistance (~1.23900).
Trade Idea:
Sell Entry: Around 1.23900 (resistance level and upper channel boundary).
Confirmation: Wait for price action to show weakness at the resistance (e.g., bearish engulfing, rejection wick).
Neckline Watch: 1.32100 – a breakdown below this level will confirm the double top.
Target Levels (Support Zones):
1. First Target: 1.31600
2. Second Target: 1.30000
3. Third Target: 1.28800
4. Fourth Target: 1.27200
Key Notes:
Wait for confirmation candle or rejection at resistance before selling.
Monitor volume and candlestick behavior at the neckline (1.32100) to validate the double top setup.
Current Market Structure:
Price is moving within an ascending channel.
Currently, price is near the upper resistance of the channel (~1.23900).
A double top pattern appears to be forming:
First top is confirmed.
Second top is expected upon retracement to resistance (~1.23900).
Trade Idea:
Sell Entry: Around 1.23900 (resistance level and upper channel boundary).
Confirmation: Wait for price action to show weakness at the resistance (e.g., bearish engulfing, rejection wick).
Neckline Watch: 1.32100 – a breakdown below this level will confirm the double top.
Target Levels (Support Zones):
1. First Target: 1.31600
2. Second Target: 1.30000
3. Third Target: 1.28800
4. Fourth Target: 1.27200
Key Notes:
Wait for confirmation candle or rejection at resistance before selling.
Monitor volume and candlestick behavior at the neckline (1.32100) to validate the double top setup.
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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.
t.me/+h9QmoO36xFs1ZTk0
free forex gold and crypto currency signals And Technical analysis started your journey with us
t.me/+h9QmoO36xFs1ZTk0
free forex gold and crypto currency signals And Technical analysis started your journey with us
t.me/+h9QmoO36xFs1ZTk0
Related publications
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.