GBP/USD 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since late March, the British Pound has been rallying against the U.S. Dollar. The long-lasting climb took the pair to a five-year high of 1.6843 in the second part of April; this high now acts as one of the peaks of the 125-bar long double top pattern that has been being formed during the rise.
Now GBP/USD is sitting slightly above the neck-line at 1.6774 and the 200-hour SMA at 1.6780 that represent strong support levels. If the pair continues to appreciate, it is likely to near the daily pivot point at 1.6794, a jump above which will send GBP/USD to the 50-hour SMA at 1.6807 thus questioning if the pair is going to break out of the pattern soon.
© Dukascopy Bank SA
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