empty
 
 
10.10.2019 03:02 PM
GBP/USD 10.10.2019 - Heead and Shoulders pattern in the play

GBP has been trading sideways at the price of 1.2233. I found another strong rejection of the 20SMA on the 4H time-frame, which is sign that sellers are still present. Bearish flag is still in creation and I expect –potential more downside. Today we got spike up and rejection after the CPI m/m in US today.

This image is no longer relevant

Green rectangle – Broken support became resistance

Orange rectangle – Support level

Purple falling line – Expected path

Bearish flag is in creation based on the 4H time-frame. Watch for potential breakout to the downside to confirm further downward continuation. I found broken Head and Shoulders pattern in the background, which is another good sign that sellers are present. Resistance level is found at the price of 1.2230 and support level at 1.2110. Selling opportunities are preferable.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback