GBP/USD 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound appreciated sharply against the U.S. Dollar after it touched more than a two-year low in July; however, the formation of the double top pattern started only in the end of August when the currency couple sped up the pace of its advance. Recently GBP/USD has peaked twice at ten-month high of 1.6264 and now the pair commenced a decline towards the pattern's support, meaning that a breakout is approaching. Double top patterns usually result in a bearish breakout followed by an accelerating drop. This time empirical evidence is likely to confirm theory as the pair has been falling sharply after coming off a recent high and may continue this trend in future.
© Dukascopy Bank SA
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