GBP/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
One of the most traded currency pair has formed a double top pattern, meaning bulls are needed a pause before pushing the pair higher. The Pound has been moving in a strong uptrend since July, and it seems for some time the pair will consolidate around current level. Moreover, aggregate indicators on 4H chart are sending "sell" signals, suggesting the pair will move closer to pattern's support line at 1.6163. Meanwhile, the price is fluctuating between two strong Fibonacci retracement levels– 23.60% and 38.20%, trading in a 38 pips range. The 38.20% is also represented by pattern's support, meaning in case this level is breached, lower prices will come.
© Dukascopy Bank SA
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Thu, 03 Oct 2013 14:31:47 GMT

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