empty
 
 
18.02.2020 02:07 PM
GBP/USD 02.18.2020 - Inverted Head and Shoulders pattern in creation, watch for buying posititons above 1.3070

Technical analysis:

This image is no longer relevant

GBP has been trading upwards. The price tested the level of 1.3040. I found that there is good potential for the upside. I found that inverted Head and Shoulders formation in creation on the 4H time-frame.

The breakout of the pivot resistance at 1.3070 would confirm upside continuation and eventual test of 1.3200. Watch for buying opportunities if you see the breakout of the pivot resistance.

MACD oscillator is showing increase on the upside momentum

Major resistance is set at the price of 1.3070

Support level is set at the price of 1.2970

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback