GBP/USD 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The cable is moving in double top pattern's boundaries since late August, and it seems a formation of a rectangle is possible, as the pair is fluctuating somewhere in the middle of a trading range. Though technical indicators are not univocal and sending three different signals on three different timeframes, market sentiment is clearly marked, as 66% of traders are holding short positions. However, 57% of pending orders in a 50 pips range, are placed to buy the pair, suggesting bears may face some pressure in the nearest future. Nonetheless, the short term outlook is bearish and we can expect a move below the recent low, while in a longer period, the cable is likely to appreciate.
© Dukascopy Bank SA
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