💱 GBPUSD - Head and shoulders on the line of resistance

9 במאי 2023

GBPUSD is making a false break of the channel resistance, forming a "head and shoulders" pattern, which can weaken the currency pair.

TA on high timeframe
1) Everything is stable. We have a fairly confident uptrend.
2) The dollar index is strengthening from the beginning of the session

TA on low timeframe:
1) We have a false breakdown against the uptrend.
2) False break-down of the resistance line in the H&S pattern is a quite strong signal, but we have an uptrend, which may contradict this pattern.
3) If the price breaks through 1.25837, it might continue its correction.

Key resistance: 1.26350, channel resistance
Key support: 1.25837, uptrend line (dotted line)