GBP/USD- Head And Shoulder Pattern Formed– Will You Trade
AvaTrade | Oct 21, 2013 09:35AM ET
The GBP/USD is forming a Head & Shoulder pattern on a 30 minute time frame. If this pattern does play out completely, we could easily see the price near the minor support zone which we have mentioned below. The price is trading below the 50 day (shown in green) and the 100 day (shown in yellow) moving average which confirms that the bears are in control.
The RSI is trading in line with the price action which means that the downward momentum could continue.
Important Zones
Resistance Zone
1.6349-1.6316 Major
1.6258-1.6283 Minor
Support Zone
1.6067-1.6051 Minor
1.5917-1.5888 Major
by Naeem Aslam
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