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Forex: GBP/USD Technical Analysis – Double Top in the Works?

Forex: GBP/USD Technical Analysis – Double Top in the Works?

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A bearish Dark Cloud Cover pattern hints 1.6235 (23.6% expansion) is a possible double top
  • Initial support is at 1.5918 (23.6% retracement); a break lower exposes 1.5707 (38.2% Fib)
  • A turn above 1.6235 targets 1.6446 (38.2% Fib expansion)

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Double Top in the Works?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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