GBP/USD 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD took up some volatility on the Election Day, but managed to stay underneath 1.2550, forming a double top. Currently consolidating, the rate will give us signals around 1.2364, where the neckline lies. A downtrend is consistent with markets considering Brexit as higher risk than a Trump presidency, meaning that the Pound is likely to extend its streak of losses. Moving south, 1.2407 and 1.2380 will mess with the momentum, leading down to tests of 1.2364. A close below would open the way to 1.2357 and 1.2327 – one of those likely to hold strong and push the pair into a retracement of the broken line. A rally, on the other hand, would encounter supply pressures around 1.2431/38 and 1.2464 with more risk at 1.2464 and 1.2521.
© Dukascopy Bank SA
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