FX.co ★ Patterns GBPUSD | British Pound (GBP) to US Dollar (USD) Rate in the Forex market

According to the chart of M30, GBPUSD produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 1.3589 while the median line of the Neck is set at 1.3623/1.3628. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of GBPUSD will go towards 1.3658.

The Double Top pattern has been formed on GBPUSD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.3620 is broken, the downward movement will continue.

The Bearish pennant pattern has formed on the GBPUSD M15 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 1.3613, a trader will be able to successfully enter the sell position.

The Triple Bottom pattern has been formed on GBPUSD M30. It has the following characteristics: resistance level 1.3666/1.3641; support level 1.3609/1.3604; the width is 57 points. In the event of a breakdown of the resistance level of 1.3666, the price is likely to continue an upward movement at least to 1.3644.

The Triple Bottom pattern has formed on the chart of GBPUSD M15. Features of the pattern: The lower line of the pattern has coordinates 1.3666 with the upper limit 1.3666/1.3641, the projection of the width is 57 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 1.3609, the price is most likely to continue the upward movement.

The Double Bottom pattern has been formed on GBPUSD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.3622 is broken. The further movements will rely on the width of the current pattern 6 points.

The Triple Bottom pattern has formed on the chart of GBPUSD M15. Features of the pattern: The lower line of the pattern has coordinates 1.3666 with the upper limit 1.3666/1.3627, the projection of the width is 57 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 1.3609, the price is most likely to continue the upward movement.

The Bearish pennant pattern has formed on the GBPUSD M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.3624 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

The Double Bottom pattern has been formed on GBPUSD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.3634 is broken. The further movements will rely on the width of the current pattern 4 points.

The Double Bottom pattern has been formed on GBPUSD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.3683 is broken. The further movements will rely on the width of the current pattern 20 points.