The GBP/USD pair is currently trading at 1.3278, showing signs of consolidation within a well-established range after recovering from the early April lows near 1.2700. Price action over the past month has created a series of higher lows while repeatedly testing resistance in the 1.3400-1.3450 zone highlighted by the light blue rectangle. The higher probability scenario suggests that cable is likely to make another push toward this critical resistance area, potentially forming a double top with the early May peak around 1.3450. This technical formation would be significant for traders, as a successful breakout above this double top structure could trigger a substantial bullish move, while rejection might lead to a deeper correction. However, the current market structure and momentum favor an eventual upside resolution, with the green arrow indicating a potential target above 1.3450 if buyers can muster sufficient strength to overcome this formidable resistance level.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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.