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GBP/USD: Potential Reversal? (October 4, 2013)

A double top pattern has formed on GBP/USD’s short term time frame, which means that a possible reversal from the current uptrend could happen.

The pair is still holding steady above the neckline around 1.6175 but a breakdown might confirm that a selloff would happen in the coming days. The pattern is about 120 pips in height so the resulting breakdown might be of the same size. 

131004_gbpusd

A short order at the 1.6150 minor psychological support level could be enough to catch the breakdown and yield a good reward to risk ratio if one aims for 100 pips. A stop at the 1.6200 handle above the neckline would mean a 2:1 trade. 

By Kate Curtis from Trader's Way

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