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GBP/USD Reversal Signals (May 14, 2014)

Ahead of today’s UK major economic events, GBP/USD has formed a head and shoulders pattern on its 1-hour time frame. The pair has also recently broken below an ascending trend line connecting the price lows then pulled up for a retest before heading back down.

For now, the pair is still stalling around the neckline of the chart formation, indicating indecision when it comes to establishing a new downtrend or resuming the climb. A break below the 1.6800 major psychological support could confirm the longer-term selloff. This could last by as much as 200 pips, which is the same height as the chart pattern.

140514_gbpusd

 

Setting a sell stop below 1.6800 to catch the momentum in case the UK events turn out bearish for the pound and aiming for the 1.6600 level with a 100-pip stop could yield a 2:1 return on risk.

By Kate Curtis from Trader's Way

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Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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