#GBPUSD @ 1.19886 is below a key trendline resistance and neckline of the H&S pattern.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- GBP/USD is below a key trendline resistance and neckline of the H&S pattern.
- The bias remains firmly to the downside with eyes on 1.1900.
As per the prior analysis, GBP/USD continues to slide below 1.2000 and the coil, GBP/USD remains on the backfoot while gathering bearish momentum and leaning against a bearish structure below the psychological 1.2000 level. The short-term dynamic support was broken in prior sessions as fears of a lengthy UK recession are still seen weighing on sentiment.
It was stated that the bears were moving on the trendline support and were breaking out of a coil. A 100% measured move of the range was to target the prior structure at 1.1900 and then a 200% measure move aligns with 1.1800.
The price broke the trendline, corrected and is now forming a bearish continuation structure:
Meanwhile, a micro correction on the hourly chart is underway. However, while below the trendline resistance and neckline of the H&S pattern, the bias remains firmly to the downside.
[/s2If]
Join Our Telegram Group
