GBP/USD is at Support as Head and Shoulders Pattern is Formed

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

The GBP/USD has moved down but it is still ranging. We might even see a bounce as the pattern could fail.

We still don’t know if the pattern could fail. A clear break below the SHS pattern neckline should happen if we want to see the continuation to the downside. A bounce off the support is possible too. The POC zone will determine the fate of the move for today. 1.4130-40 is the POC zone and we should see if it holds. Target for the bounce is 1.4170 and 1.4200. Target for a drop below the neckline is 1.4089.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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