Triple top on GBP/USD

Triple top on GBP/USD

The current technical pattern signals a possible correction of the GBP/USD currency pair after a sharp rise last week. Near the local resistance level of 1.30300, the classic reversal pattern of Triple Top has been formed (H1 timeframe). At the moment, the GBP/USD quotes are testing the support level of 1.29600. We recommend paying attention to this situation.

If the price fixes below 1.29600, you need to look for entry points to the market in order to open short positions. The immediate goal for profit taking is the round level of 1.29000. In the medium term, the GBP/USD currency pair may reach 50.0% -61.8% correction zone. When tracking a position, we recommend using a trailing stop.

by JustForex 2018.11.05

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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