GBP/USD 15-Minute Chart Analysis
Pattern Observed:
The chart clearly shows a Head and Shoulders pattern, a classic bearish reversal signal.
Left Shoulder forms first, followed by a higher Head, and then a lower Right Shoulder.
A neckline (support line) is drawn connecting the low points between the shoulders and the head.
Breakout:
Price has broken below the neckline, confirming the Head and Shoulders pattern.
A strong red arrow pointing downward indicates expected bearish continuation.
Target Point:
The projected target based on the Head and Shoulders breakdown is around 1.32000.
This is calculated by measuring the height from the head to the neckline and projecting that downward from the breakout point.
Moving Averages:
50 SMA (Simple Moving Average) and 90 SMA are shown.
Price is trading below these moving averages, supporting a bearish bias.
Current Price:
Around 1.3298, just below the neckline, retesting slightly.
Bias:
Bearish, with an expectation for price to continue dropping toward 1.32000.
Summary:
A classic bearish setup with confirmation. Breakout of the Head and Shoulders suggests continuation toward 1.32000. Watch for any minor pullbacks to the neckline (around 1.3300–1.3310) before further selling pressure resumes.
Pattern Observed:
The chart clearly shows a Head and Shoulders pattern, a classic bearish reversal signal.
Left Shoulder forms first, followed by a higher Head, and then a lower Right Shoulder.
A neckline (support line) is drawn connecting the low points between the shoulders and the head.
Breakout:
Price has broken below the neckline, confirming the Head and Shoulders pattern.
A strong red arrow pointing downward indicates expected bearish continuation.
Target Point:
The projected target based on the Head and Shoulders breakdown is around 1.32000.
This is calculated by measuring the height from the head to the neckline and projecting that downward from the breakout point.
Moving Averages:
50 SMA (Simple Moving Average) and 90 SMA are shown.
Price is trading below these moving averages, supporting a bearish bias.
Current Price:
Around 1.3298, just below the neckline, retesting slightly.
Bias:
Bearish, with an expectation for price to continue dropping toward 1.32000.
Summary:
A classic bearish setup with confirmation. Breakout of the Head and Shoulders suggests continuation toward 1.32000. Watch for any minor pullbacks to the neckline (around 1.3300–1.3310) before further selling pressure resumes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.